Text Message Scams are on the Rise -
the one from your bank is likely fraud -
Text messaging is a great way to stay in touch with your friends and family. Unfortunately, this method of communication is also popular amongst bank impersonators, and it is on the rise. Fraudulent bank text messages represent one of the most common types of text message scams reported to the Federal Trade Commission.
How to recognize fraudulent texts and protect yourself.
Some messages are easy to spot while others look eerily like a normal text reminder. In just the past couple of years, people have fallen victim to text scams appearing to be from companies like Amazon, FedEx, or Verizon.
These messages may look legitimate, but you should be cautious before clicking any links in a text. Here are some things to watch for and think about when receiving a text that may indicate a scam.
- The text is unsolicited. A hacker will claim that you have won a prize or money or that you have a package waiting to be delivered. Before taking any further action, ask yourself, “Did I enter a contest? Did I order something recently from this business?” If your answer is no, it is likely a scam. If the answer is "yes", always go directly to the company website or contact the business directly. Never click a link and never call the number provided in the text message.
- It is personalized. Just because your name is used in the message, doesn’t mean it isn’t a scam. There are many ways that scammers can find out your name and address on the internet.
- The texter wants to "confirm" or verify information. A text that asks any personal information, even a phone number, is suspect. The sender is looking for information to access your bank account. Banks do not request sensitive information via a text.
- Run a quick search. Searching for other scams similar to your suspected text may be helpful. For example, you could search “recent Verizon text scams” and you may find articles about texts people have received that are like the one on your phone.
- There is a sense of urgency. A message may claim to be from your financial institution and say something like, “Act Now! Fraudulent activity has been detected on your account.” While you are right to be worried, never click links in these types of messages. Always directly contact your bank or credit card company directly to ask if they contacted you.
Remember that some of these messages could look very real and can even include names of people you have worked with or actual business logos. If you suspect a text message scam, delete the message immediately.
Don't Give Out Verification Codes.
You may receive legitimate bank verification codes by text that you use to access your accounts, this is call multi-factor authentication (MFA). By requiring multiple forms of verification beyond just a password, MFA enhances your security by making it more difficult to unauthorized users to gain access to your account. However, a bank will never call you and ask for those codes. If you get such a call, it's a scammer attempting to gain access to your account. Never share verification codes over the phone.
What to do if you recieve a bank scam text?
Most people with mobile phones receive bank scam texts from time to time. When you receive one, delete it immediately. If you're not sure whether it's a scam or a legitimate text from your bank, contact your bank directly, using a publicly listed phone number, email address or official online chat form, rather than responding to the text.
To help stop fraud, you can report fraudulent text messages to Flatwater Bank by emailing connect@flatwater.bank.
