The Federal Trade Commission recently revealed the most reported text message scam: bank impersonations. Reports of bank impersonations by text in 2022 jumped to 20 times the number reported in 2019. According to the FTC, consumers reported a loss of more than $330 million to text message scams in 2022. And cash that’s lost because of bank fraud or scams isn’t covered by the Federal Deposit Insurance Corp. or National Credit Union Administration. Banks are a safe place to keep your money, but th
The Federal Trade Commission recently revealed the most reported text message scam: bank impersonations.
“Any type of pressure tactic is not legitimate — that is not your bank,” says Paul Benda, senior vice president of operational risk and cybersecurity at the American Bankers Association. As with any decision about your finances, avoid taking actions when you feel scared, stressed out or pressured.If you receive a text message you’re not expecting, be wary — especially if it looks like it might be from your bank.
Major banks were popular choices for scammers to impersonate in 2022. According to the FTC, the most common scam text messages often claimed to be from large banks, including Bank of America, Wells Fargo, Chase and Citibank.Just as you shouldn’t click on a link texted to you from someone you don’t know, don’t click on or dial a phone number you receive in a text. Instead, find the official phone number for your bank by going to its website or mobile app.
One particular kind of text scam resulted in a median loss of $3,000 in 2022, according to the FTC: a text from someone impersonating your bank, instructing you to reply with a “Yes” or “No” to confirm or deny a suspicious transaction. Once you replied, the scammer would call you under the guise of helping you. Their ultimate goal was to either fraudulently transfer money out of your account or obtain personal information such as a Social Security number.
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