Text-message phishing scams, known as “spoofing,” are evolving rapidly, posing a significant threat to individuals’ financial security. With cybercriminals leveraging AI to craft convincing messages from seemingly trustworthy sources like your bank, it’s crucial to stay vigilant and arm yourself with knowledge to avoid falling victim.
The FBI’s latest Internet Crime Report highlights the severity of the issue, revealing nearly $19 million in losses from phishing scams in 2023 alone. As these scams become more sophisticated, it’s essential to recognize the signs of fraudulent texts and take proactive steps to protect yourself.
If you receive a text message from an unfamiliar number claiming to represent your bank, proceed with caution. These messages often alert you to suspicious activity in your account and prompt you to click a link to verify your identity. However, clicking on such links and providing personal information could grant fraudsters access to your bank account.
To discern whether a text message from your bank is genuine, consider if you’ve opted to receive text notifications from your bank. Log in to your bank account via its official website to review your communication preferences. If you haven’t enabled text notifications, be wary of messages purportedly from your bank and report them immediately.
Authentic messages from banks never solicit personal or confidential information via text. They also refrain from urging immediate action or requesting money transfers or purchases. Instead, they adhere to security and privacy policies outlined on the bank’s official website.
If you’ve consented to receive text messages from your bank, there are several red flags to watch out for. Scam messages often induce panic by insisting on immediate action or claim to offer prizes or rewards for contests you didn’t enter. They may also include links that resemble your bank’s official website but have minor alterations.
In response to a suspicious text message, refrain from clicking any links and contact your bank directly using the number provided on your card or its official website. Avoid engaging with the number provided in the text message, as it may lead to further exploitation of your personal information.
If you’ve received a text message for a banking scam, take a screenshot for reporting purposes and delete the message immediately. Report the suspicious text message to both your bank and the Federal Trade Commission (FTC). If you’ve engaged with the message, such as clicking a link or providing personal information, contact your bank’s fraud or security department immediately.
To report the phishing attempt to the FTC, forward the message to 7726 (SPAM). Alternatively, use ReportFraud.ftc.gov to report the scam.
As part of our commitment to combating fraud, Refundaroo has been actively assisting victims in reclaiming their lost funds. If you’ve fallen victim to a bank spoofing scam or any other fraudulent scheme, don’t hesitate to contact Refundaroo to determine if you have a case.
