Scam Alert! Don’t Fall For Text Message Bank Scams
Text message scams are rising, with criminals finding new and sneaky ways to defraud unsuspecting victims. In the past, phishing attacks were carried out primarily through email. Today, scammers are turning to text messages as a way to steal personal information or money. Within the cybersecurity community, this type of attack is known as smishing.
Smishing attacks can be difficult to spot because they often masquerade as legitimate businesses or organizations. For example, a text message might purport from your bank, asking you to click on a link to update your account information. When you click on the link in the text message, you’re taken to a fake website that looks identical to the real thing. The fake website then prompts you to enter sensitive information, such as your credit card or Social Security number. You might also be asked to download a malicious file that will infect your computer with malware.
Smishing attacks are becoming more common because they are relatively easy to carry out and can be very effective. Criminals only need your phone number to send you a text message. They don’t need your email address or any other personal information. Text message bank scams can be more damaging than email phishing scams because it’s easier to trick someone into clicking on a link in a text message than it is in an email. Text messages are less likely to be caught by spam filters and more likely to be read than emails, which is one reason why smishing attacks are on the rise.
6 Common Indicators That a Text Message Is a Scam
As one of the social engineering techniques, smishing is based on human interaction to trick people into clicking on malicious links or providing personal information. Cybercriminals are getting more creative in their methods, but there are still some common indicators that can help you spot a scam text message. Scammers are known to leave behind clues in their messages, and being able to spot these clues can help you avoid getting scammed.
Here are some common indicators that a text message may be a scam:
- The sender’s name or number is unfamiliar to you.
- The message contains grammar or spelling errors.
- The message is from an unexpected source, such as a financial institution or government agency.
- The message contains a sense of urgency or a call to action.
- The message includes a link or attachment that you weren’t expecting.
- Emojis are used in an attempt to appear friendly or enticing.
If you receive a text message containing any of these indicators, be cautious before taking further action.
What Does a Text Message Bank Scam Consist Of?
A text message bank scam typically starts with a text message from a sender you don’t recognize. The message might claim to be from your bank, credit card company, or another financial institution. Text message bank scams often have the same setup as email phishing scams. Let’s go through the steps so you can get a better understanding of how these scams work.
Step 1: You Receive a Text Message From an Unfamiliar Sender
The first step in a text message bank scam is receiving a text message from an unfamiliar sender. This text message will likely say that there is a problem with your bank account or credit card and will ask you to click on a link to verify your information.
Step 2: You Click on the Link
When you click on the link in the text message, you will be taken to a website that looks very similar to your bank’s website. This website will ask you to enter your personal information, including your bank account or credit card number.
Step 3: You Enter Your Information
After you enter your personal information on the fake website, the scammers will access your bank account or credit card. They can then use this information to make unauthorized charges or withdraw money from your account.
Step 4: You Become a Victim of Bank Fraud
Once the scammers have your personal information, you will become a victim of bank fraud. This can lead to hundreds or thousands of dollars being stolen from your account. If you have been a victim of this scam, you should immediately contact your bank or credit card company to report the fraud.
Protect Your Business From Text Message Bank Scams
Businesses are finding new and innovative ways to reach their customers as the world becomes increasingly connected. However, with this increased connectivity comes increased opportunity for scammers and fraudsters. Business leaders to be aware of the latest scams to protect their employees and customers.
Here are some tips to protect your business from text message bank scams:
Educate Your Employees
Educating your employees on the latest scams is the best way to protect your business. If your employees are aware of the text message bank scam, they can look for suspicious messages. They can also help to spread the word to your other employees and customers. Make sure to educate your employees on the following:
- How the scam works
- What to look for in a suspicious text message
- What to do if they receive a suspicious text message
- How to report a suspicious text message
Monitor Your Accounts
Another way to protect your business from text message bank scams is to monitor your accounts closely. This includes your business bank accounts and credit card accounts. You can quickly catch unauthorized charges or withdrawals by monitoring your accounts. Contact your bank or credit card company immediately if you see any suspicious activity on your accounts.
Install Anti-Virus Software
Installing anti-virus software on your business computers can help to protect your business from text message bank scams. This software can detect and block suspicious websites and attachments. Be sure to keep your anti-virus software up-to-date to ensure that it can protect against the latest scams.
Use a Secure Wireless Network
If your business has a wireless network, use a secure connection. This will help to protect your network from being hacked. A secure wireless network will require a password to access. Be sure to choose a strong password that is difficult to guess.
Keep Your Information Secure
One of the best ways to protect your business from text message bank scams is to keep your information secure. This includes your business bank account information and credit card information. Never store your financial information on your computer or in your email account. Also, be sure to shred any documents that contain your financial information.
How a Managed IT Services Provider Can Help
Working with a managed IT services provider can help to protect your business from text message bank scams. A managed IT services provider can help to monitor your systems for suspicious activity and can help to block malicious URLs that may be used in text message scams. They can also help to educate your employees on how to spot and avoid text message scams. At Atlantic-IT.net, our IT experts can help protect your business from the latest scams. Our services include 24/7 monitoring, cyber protection, and employee education.
Call us today at (877) 936-3328 to learn more about our IT services and how we can help to protect your business.