What is Smishing?
Text Scams
Scammers are always trying to find new ways to extract your personal financial information to steal your money or your identity. Text scams, also known as smishing, are particularly effective because people are more likely to respond to a text, often while on the go. The fraudsters hope you won’t slow down and think over what’s in the message.
How text scams work
The text messages usually sound urgent, indicating things like a suspicious transaction has occurred, or that your account has been locked. The message can include either a phone number that redirects to the fraudsters or a hyperlink to a fake website that looks very similar to the financial institution mentioned in the text.
Or the text message might say to reply ‘yes’ or ‘no’ to verify a transaction (that you didn’t make). If you reply either way, you’ll get a call from the fake fraud department.
If you respond with any type of sensitive information, such as credit card number, PIN number, login credentials, or social security number, the hackers will use your information to commit fraud.
The scammers send the text to every mobile phone number in a region. Anyone with a mobile number based in the same area can be a recipient whether or not they have accounts with that financial institution.
Because they are going to all mobile phones in a region, the texts are not indicators of a security breach at the bank or credit union or that member information has been compromised. If you have a phone that receives text messages, you are a target.
How to avoid falling for a smishing scam
The key to sidestepping a scam is to stay alert and refuse to respond to any texts that are unexpected or otherwise feel “off.”
When in doubt, go straight to the source. Do not respond to the text message.
- If you do not have a relationship with the impersonated organization, delete the text and report it as spam.
- If you do have a relationship with the impersonated organization, use another method to verify the status of your accounts — such as online banking or the mobile app or call the organization and ask whether it is legitimate.
Do not respond to or click on links from anyone you do not know or that are purportedly from an organization with whom you do not already have a relationship.
What to do if you have been scammed
Contact your financial institution right away.
Consider freezing your credit reports and notifying the Internet Crime Complaint Center by filing a complaint at https://www.ic3.gov.