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If you’re getting suspicious texts, you’re not alone. Scammers often impersonate people and organizations you trust. We identify common scams, ways to prevent fraud and how to spot fake texts.
Lora Shinn
Contributor
Published Oct 2, 2023 in: Security, Scams & Fraud
Is that text a fake or the real thing? Don’t click on anything until you read this article.
Bank impersonations are among the most-reported text message scams, according to a June 2023 U.S. Federal Trade Commission (FTC) data analysis. These scams added up to a mind-boggling $330 million in losses for U.S. consumers in 2022.
Scams like these aren’t uncommon here in Washington state. Washington is second among all states where consumers reported scams in 2023. Top Washington scams reported include imposter scams and identity theft.
According to the FTC’s top scams of 2022, the biggest reported losses were via bank transfers, with $1.5 billion reported lost to scams of various types. And losses aren’t just among older adults, often targeted by scammers. Young adults aged 20-29 reported losing money more often.
Text scams aren’t new, but the tactics scammers use may be new to you. As consumers become savvy, fraudsters simply change tactics and tweak messaging. Attackers pretend to be institutions you trust, such as a bank or credit union. The scammers play on your emotions, creating a sense of urgency to pressure you into making a hasty reply.
“Scammers never take a holiday. In fact, they take advantage of holidays and certain seasonal events to prey on our better judgment,” said Sean Murphy, SVP and Chief Information Security Officer (CISO) at BECU.
During tax season, scammers may threaten you as fake IRS representatives. During the holidays, criminals might focus more on Amazon orders and USPS deliveries.
This may seem like a lot of work for little reward. But trying to defraud people is the criminal’s full-time job, and it only takes one success to drain a victim’s bank account.
For example, student loan repayment is restarting — so scammers are trying to convince people they’re calling from the Department of Education. The fake representatives claim they can help borrowers lower payments, avoid repayment or get loans forgiven altogether.
But the aim is the same. In short, getting you to provide payment for nonexistent services, personal information or your Federal Student Aid login information.
For its analysis, the FTC analyzed a random sample of 1,000 text messages reported to the FTC. Fake bank security messages were the top type reported, including messages impersonating real banks.
Typically, the text messages ask the text recipient to verify a large transaction by calling a phone number or clicking a link. Scammers can also achieve their goals by saying:
This type of SMS phishing attempts to trick you into giving out personal information scammers can use to access your accounts.
“Fear is a motivator the scammers use to scare you into disclosing personal information—when normally, you would not,” Murphy said.
If the recipient responds, the recipient is connected to a fake representative or website. Websites could appear similar to your financial institution’s site — similar enough that when you use your username and password, the hackers can steal your login information. Other links could install an app on your phone that can steal personal or financial data.
If you’re asked to call a number or navigate to a website, an impersonator could try to get you to provide your:
Sometimes, scammers are looking for just bits of information they can assemble with other data they already have about you. They may also be able to sell the information.
With your account information, criminals could open an account with a stolen identity, withdraw money from your account, or make unauthorized purchases. Types of credit union fraud resulting from text scams could include:
You can take some simple steps to help prevent fraud:
Murphy underscores this point to BECU members. “We do use text messages, but we want to make sure our members know what to expect,” he said. “If we reach out to you, we are not going to ask you to prove who you are. Sometimes, we may ask some personal security questions by phone, but only when you call us at our number, 800-233-2328.”
While taking precautions is helpful, text, phone and email scams are constantly evolving. It’s understandable if you accidentally fell for fraudulent tactics. But don’t panic — contact your financial institution as soon as possible.
If you have concerns about a suspicious communication you’ve received or responded to that claims to be from BECU, you can:
Protect yourself from scams that sound like calls from loved ones.
Review the latest recommendations to help you stay safe online.
Protect your personal and financial information from online attacks.
Lora Shinn
Contributor
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