Instead of creating another crybaby-esque thread I’ll actually try to explain his ridiculous strength in a way that the “he’s not op you’re just bad” people can also understand.
The way Phantom is designed, he is not “too strong”, but instead “too versatile”.
There’s not a single thing about him that makes him so strong, it’s rather a combination of things that wouldn’t be overpowered by themselves, but add up to a huge pile of clusterfuck when put into the same pot.
His Ability:
His Refractive Armor allows him to become invisible. He’s not even fully invisible but rather transparent and he also emits a ringing noise.
His Refractive Armor also serves as Armor. Trying to defend yourself from him when you caught him charging you with his Katana out (aka: when he failed at assassinating) is nearly impossible when you’re not currently carrying a Remburg Shotgun.
His Weaponry:
Phantom can use the Crotzni and the Kek-10, two of the strongest SMGs in the game, alongside the S&W, the strongest sidearm in the game, his melee weapon, the Katana, is currently the strongest melee weapon in the game, and he has access to the ‘Chopper’ Augment. I think I don’t even need to explain why this is bad.
His Refractive Armor is strong, but in the wrong way. Allowing him to tank damage is not what he’s supposed to do, and playing him stealthily is doomed to fail as he’s easy to detect once you get a keen ear for the ringing noise he constantly emits when cloaked. The way his armor is currently handled makes him a Rhino with added invisibility.
On top of that, adding his weaponry which is simply too strong (and there’s no way in hell you can deny that with a logical argument), Phantoms current design makes him a fighter.
Phantom is the exact opposite as what he was advertised as. He’s not an assassin, he’s a fighter BUT he’s also invisible, and that’s what makes him too strong, or rather, too versatile.
How to fix this
Phantom’s signature weapon is the katana, so it should be his strongest weapon.
His Primary and Secondary Weapons should be the same ones as the weapons that Sparks currently carries: Tolen, Empire 9, MP400 as primaries, Caulden, M9 and Selbstadt as secondaries. EVERY loadout-card of phantom should have the katana. It’s his weapon, he should have access to it regardless of what card he’s using.
The Katana should have more rightclick-damage and considerably less attack speed / more attack cooldown. This limits his attacks so a Phantom player has to know the capabilities of himself and of the katana, and when to strike with it. This makes the katana more difficult to use, more powerful IF used correctly, and therefore also a lot more rewarding.
As his only one, the refractive armor is Phantom’s signature skill, but it doesn’t fit the stealthish character a single bit.
It should not have damage absorption at all. If you get caught when trying to backstab someone, there should not be a failsafe.
Transparancy should be changed to 100% when standing still, 95% when crouchwalking, 90% when walking and 80% when sprinting. His emitted ringing should not be hearable from a certain direction. Treat it like it’s not coming from the armor, but instead like it’s creating white noise in your character’s radio. When he’s standing still you should not know where he is, but you should know that he is there. This also creates a side-effect; Phantom will be able to disrupt a defence by causing the defenders to become nervous and/or paranoid and search for him.
I hope I have explained my point well enough, and I hope that whoever reads this can work with it.
Please let me know what you think of it, and leave a vote in the Strawpoll to simplify data analysis 
Chris