Have you gotten a text from what you think is your bank regarding a recent transaction and that text looks a bit suspicious? Follow your instincts. It’s probably from scammers.
The Federal Trade Commission is issuing a new warning saying bank impersonation is at the top of the list when it comes to text message scams.
In 2022, more than $330 million worth of losses were reported -- that’s double the amount of money lost in 2021.
One reason for the high success rate for these types of scams is that we have become trained to quickly respond to incoming texts.
Scammers usually give a fake number to call and when you do, someone is waiting to get your personal information and drain your account.
Here’s how you can protect yourself and your money:
- Be aware that these are common scams.
- Check your bank account and review your transaction history to verify that the transaction mentioned in the text is real!
- Don’t click on links.
- And do not respond to unexpected texts.
If you receive a text from a number you don’t know, forward it to 7726 or SPAM. This will also help your provider spot and block similar messages.
And you can report a text scam to the Federal Trade Commission at ReportFraud.FTC.gov.