A text message from your bank or a phishing attempt? Don’t fall for text message fraud

As we head towards the election period, there are internet frauds such as fake fundraising requests will certainly occur more often. You don’t have to look far to find stories about identity theft or sexual extortionAnd then there’s the classic text message from an unknown number claiming to be from your bank and asking you to click on a link to verify your identity.

Phishing via SMS (also known as “smishing”) is becoming increasingly sophisticated. Cybercriminals now have easy access to AI, which allows them to create believable messages from supposedly trustworthy sources, such as your bank. The FBI’s Latest Cyber ​​Crime Report found that 298,878 complaints of phishing fraud in 2023 resulted in losses of nearly $19 million.

Although fraudulent texts are dangerous forms of scam, genuine bank notifications can be useful to let you know that you have low funds in your checking account or that there is a payment arrears. high credit card balance. How do you know if a text message from your bank is real? Read on for tips on how to spot fake text messages and how to report phishing fraud if you’ve been hit by it.

For more money tips, read the best time to fly for cheap flights and how Stop tax related identity fraud.

What is the first thing you should do when you receive a text message from ‘your bank’?

First, consider whether you have given permission to receive text messages from your bank.

Melanie McGovern, director of PR and social media at the Better Business Bureau, tells CNET: “There are banks that do text messaging, and if you’re opted in, they’ll send you a text message.”

If you are unsure whether you have agreed to receive text messages from your bank, log in to your bank account via the official website and check your communication preferences via your personal profile or settings. The setting for text messages may be under ‘Delivery settings’, ‘Alerts’ or ‘Notifications’.

like you have not If you have text message notifications turned on, beware: the message that appears to be from your bank is almost certainly a scam. You should report it to your bank and to the FTC (see below).

If you have text notifications enabled, you need to further determine whether the text message is legitimate.

How do I know if a text message from my bank is reliable?

If you have given permission to receive text messages from your bank, there is a list of warning signs that can help you determine whether a banking text message is legitimate.

First, banks will never ask for personal or confidential information via text messages. If a message asks for your PIN, online credentials, or other account information, ignore the message and report it to your bank and the Federal Trade Commission.

Most banks explain their policies on a security or privacy page. bank of america says it will “never text, email, or call you asking for personal or account information.” Banks also won’t ask you to verify your identity by clicking on a link.

Second, watch for claims of urgency. Scam messages often try to scare people by suggesting that they need to act quickly to avoid disaster. McGovern says, “They expect you to panic and take action right away. Especially if you see a bank name.”

Third, be careful with links that look like your bank’s official website but are slightly different. For example, links that have an extra hyphen or the domain extension .info instead of .com.

Smishing messages can also ask you to send money or make purchases — banks will never ask you to transfer money via text message. Also, be wary of messages that seem too good to be true — your bank won’t send you a prize announcement for a contest you didn’t even know you were in.

The educational website Banks never ask that (sponsored by the American Bankers Association) provides more tips to prevent smishing fraud in the banking world.

How do I respond to a text message that appears to be from my bank?

Regardless of what the message from your bank says, it’s best to contact your bank directly before doing anything. McGovern says you should “call your bank directly from the number on the back of your card or the number on their official website, not the number that texted you.”

She also advises to ‘never click on the link they send’. You should always be able to reach the necessary URLs through your bank’s website.

Actually, there is no need to answer text messages from your bank. You should be able to perform all necessary tasks by calling your bank or visiting their website.

What should I do if I receive a text message about bank fraud?

First, take a screenshot of the text message so you can report it. Then, delete the message because you don’t want to accidentally reply to it.

Next, report your suspicious text message to both your bank and the FTC. If you haven’t taken action on the text message, email it to your bank (see addresses below) or call them with the information.

like you did If you wish to interact with the text message in any way, such as clicking on a link or replying, always call your bank’s fraud or security phone number. ASAP.

Nasty report the phishing attempt to the FTCthen just forward the message to 7726 (SPAM). You can also report the scam via ReportFraudftc.gov.

*First Republic Bank does not list an email address for reporting phishing fraud on its website and has not responded to an email request for such an email address.

Remember, you don’t have to respond to or click on text messages from your bank, even if they are genuine. Play it safe by calling your bank or visiting their website when you receive a text message, and you can be sure that your accounts will remain protected.

For more money tips, read why you might pause your social security benefits and how to get there free food on your birthday.