Phishing attempts by text message, also known as “smishing,” have become common in the US, with about one in three people receiving such messages. Shockingly, a third of those people have fallen victim to these scams, often without realizing it until later. These scams are becoming more sophisticated, with cybercriminals using AI to craft convincing messages from supposedly trustworthy sources. The FBI’s latest Internet Crime Report showed almost $19 million in losses from phishing scams in 2023. One confusing type of scam involves unsolicited texts from banks, which can be dangerous if fraudulent but helpful if authentic in notifying you about your account balances. It’s important to be able to distinguish between real and fake text messages from your bank to protect yourself from scams.
If you receive a text message from your bank, the first thing to do is consider whether you have consented to receive such messages. Check your bank account settings on the official website to see if you have enabled text notifications. If you haven’t, be suspicious of any purported texts from your bank, as they are likely scams. If you have enabled text notifications, you need to further assess the legitimacy of the message. Look for red flags like requests for personal information, claims of urgency, or links that differ slightly from the bank’s official website. Banks will never ask for sensitive information or require immediate action via text message. It’s essential to be cautious and follow security tips to avoid falling for banking-related smishing scams.
In case you receive a text message that appears to be from your bank, it’s best to contact the bank directly before taking any action. Use the contact number on the back of your card or the official website, rather than responding to the text message. Avoid clicking on any links provided in the message, as they could lead to malicious websites. Always remember that you should be able to complete any necessary tasks by contacting your bank via phone or visiting their website. If you suspect that you have received a scam text message, report it to your bank and the FTC by forwarding the message and providing relevant details. Be cautious and proactive in handling suspicious text messages to protect your financial information and accounts from fraudsters.
If you have received a text message for a banking scam, take a screenshot for reporting purposes and delete the message to avoid accidental engagement. Report the suspicious text message to both your bank and the FTC, especially if you interacted with the message in any way. Contact your bank’s fraud or security department if you clicked a link or shared any personal information in response to the scam. Use the FTC’s reporting tools to forward the phishing attempt and help prevent others from falling victim to similar scams. Remember to avoid responding to or clicking on any text messages from your bank, whether they are genuine or not. Prioritize safety by contacting your bank directly and verifying the legitimacy of any messages before taking action to protect your accounts.
