Text-message phishing scams, also known as “smishing,” are on the rise and becoming more sophisticated. Cybercriminals now have access to AI technology, allowing them to craft convincing messages from supposedly trustworthy sources like banks. The FBI’s latest Internet Crime Report revealed that almost $19 million in losses resulted from nearly 300,000 complaints of phishing scams in 2023. While fraudulent texts are dangerous, authentic notifications from banks can be beneficial for alerting you to low funds in your checking account or high credit card balances.
If you receive a text message from an unknown number claiming to be your bank, the first thing to do is consider whether you have consented to receive text messages from your bank. If you are unsure, log in to your bank account from its official website and check your communication preferences. If you have not enabled text notifications, be wary as the message is likely a scam, and you should report it to your bank and the FTC. If you have enabled text notifications, further steps are needed to determine the message’s legitimacy.
To confirm the authenticity of a text message from your bank, look for red flags that indicate the message is a scam. Banks will never ask for personal or confidential information via text messages, so ignore any message requesting such details and report it to your bank and the FTC. Scam messages often create a sense of urgency to prompt immediate action, so be cautious of any message that demands a quick response. Additionally, watch out for links that resemble your bank’s website but have slight variations, as well as messages asking you to transfer money or make purchases.
If you receive a text message that appears to be from your bank, it is best to contact your bank directly before taking any action. Call your bank using the phone number on the back of your card or their official website and avoid clicking any links in the message. It is important to remember that you do not need to engage with text messages from your bank, as you can typically handle any necessary tasks by contacting your bank directly or visiting its website. If you suspect that a text message is part of a banking scam, report it to your bank and the FTC immediately.
In the event that you have received a text message for a banking scam, take a screenshot for reporting purposes and then delete the message to avoid any accidental engagement. Report the suspicious text message to your bank and the FTC, providing any relevant information about the interaction. If you have interacted with the message, such as clicking a link or replying, contact your bank’s fraud or security department immediately. Remember to forward the phishing attempt to the FTC by texting 7726 (SPAM) or reporting it through ReportFraud.ftc.gov.
Overall, it is important to remain cautious when receiving text messages from your bank and to prioritize your account security. Avoid engaging with any suspicious messages and always verify the legitimacy of communications by contacting your bank directly. By staying proactive and reporting any potential scams promptly, you can help protect your personal and financial information from cybercriminals.
