With the advancement of technology, scammers have found new avenues to exploit unsuspecting individuals, and one such avenue is text scams. Let’s face it, the ping of an incoming text can be challenging for many of us to ignore. Text scams can range from phishing attempts to SMS phishing (smishing) and spoofing, often impersonating credit unions, banks, or other financial institutions. In fact, bank impersonation is the most reported text message scam, according to the Federal Trade Commission (FTC). This post will shed light on the latest text scams, explore their techniques, and provide practical tips and best practices to help you identify and combat these scams.

Types of Text Scams

Phishing Attempts

Phishing is a prevalent form of text scam where scammers impersonate legitimate organizations, such as credit unions, banks, or financial providers, to trick individuals into revealing sensitive information. They often send text messages that appear to be from your financial provider, alerting you about a security breach or an urgent matter regarding your account. The messages usually contain links that direct you to fake websites designed to capture your login credentials or other personal details.

Specific Instance: You receive a text message claiming to be from your credit union, stating that your account has been compromised and urging you to click on a link to secure your account. The link leads to a fraudulent website that looks identical to your credit union’s, aiming to steal your login credentials.

SMS Phishing (Smishing)

SMS phishing, or smishing, involves scammers using text messages to deceive individuals into revealing personal information or performing specific actions. These messages often create a sense of urgency or fear, pressuring recipients to respond quickly. Smishing scams can include requests for account verification, prize notifications, or fake package delivery notices, among others.

Specific Instance: You receive a text message claiming that your financial account has been temporarily suspended and asks you to reply with your account details to reinstate it. The message emphasizes the need for immediate action, exploiting your concern and prompting you to disclose sensitive information.

Spoofing

Spoofing is a technique used by scammers to manipulate the appearance of a text message, making it appear as if it originated from a legitimate source. By spoofing the sender’s information, scammers can make their messages seem trustworthy and genuine. They may impersonate your financial provider, creating a false sense of security.

Specific Instance: You receive a text message that appears to be from your credit union, indicating a problem with your account and requesting you to call a specific phone number to resolve the issue. Unbeknownst to you, the phone number leads to scammers who will try to extract your personal information over the call.

Combating Text Scams

  • Verify the source: Always double-check the sender’s legitimacy before responding to or clicking on any links in a text message. Use official contact information from reliable sources, such as your credit union’s official website, to independently verify the message’s authenticity.
  • Look for warning signs: Pay attention to suspicious indicators, such as poor grammar, misspellings, or generic greetings in text messages. Legitimate organizations usually maintain a professional tone and address you by your name.
  • Be cautious with personal information: Never share sensitive information like your Social Security number, financial account details, or passwords via text message. Legitimate organizations will not request such information through text messages.
  • Don’t click on unknown links: Avoid clicking on links in text messages, especially if they come from unfamiliar sources or claim urgent action. Instead, manually type in the official website address in your browser or contact the organization directly to verify the information.
  • Install security software: Consider using reputable mobile security apps that detect and block text scams or malicious links. These apps can provide an extra layer of protection against potential threats. Visit ctia.org, a website from the wireless industry, to learn how to block text messages via various providers.
  • Report suspicious messages: If you receive a text message that seems like a scam, report it to your mobile service provider and the FTC. Reporting helps in raising awareness and assisting authorities in tracking down scammers. Copy the message and forward it to 7726 (SPAM). This will help your wireless provider spot and block similar messages. Finally, report the message to the FTC.

Protect Yourself by Unravelling the Latest Text Scams

Text scams, especially those impersonating financial providers, are a growing concern. By familiarizing yourself with the different types of text scams, such as phishing, smishing, and spoofing, and following practical tips and best practices, you can protect yourself from loss. Stay vigilant, verify the source, and be cautious with your personal information.

Now that you are armed with the information needed to identify a text scam, learn more by reading our blog “How to Identify an Email Scam & Safeguard Your Online Security.” At Guthrie Community Credit Union, your security is a top priority.