Smishing Scams – What you need to know
Text messaging has come under attack as one of the most vulnerable mediums for identity theft. Here’s what you need to know about an SMS message-based scam called “smashing.” Here is what you need to know about smishing scams.
How It Works
Smishing scams use text messages to establish contact with the intended victim to access their personal information later.
The scam begins with a supposedly urgent text appearing to be from the victim’s financial institution. Also, the text may claim that the victim’s checking account is locked or that an unauthorized purchase has been charged to the victim’s account. The scammer will warn you that you must take immediate action.
The victim is to call a specified number and ask to share their financial information upon doing so. Once they’ve got their hands on this info, the scammer is free to steal the victim’s identity, empty their accounts or go on a shopping spree on the victim’s dime. As a result of smishing, your account is no longer secure.
Who Are The Victims Of Smishing Scams
Smishing scams primarily target people who do their banking online, but fraudsters will use any cellphone number they can find. Consequently, if you own a checking account and a cellphone, you are especially vulnerable to be a candidate for a smishing scam.
Recognizing Smishing Scams
Your credit union will not alert you of possible fraud or account lockdown via text; we prefer more personal means to help you know it’s us.
Also, the phone number the smishing text instructs you to call is not ours. You can reach us at (435) 723.3437. The scammer gives you a different number; it’s not us you’re calling! Double-check the number!
If you are a target
If you receive a suspicious-looking text, do not engage the texter! Jot down the scammer’s number and delete the message. Let us know about the smishing attempt, tell all your friends, and alert the FTC.
If you’ve fallen for the scam and your accounts are no longer secure, alert your credit card companies and financial institutions.
Protecting Yourself
- First of all, always use two-factor authentication for banking apps and sites.
- Use strong and different passwords across your accounts and apps.
- Ignore all text messages from unknown numbers.
- Don’t let those crooks get their hands on your money!
Now you know what need to know about smashing scams and how to protect yourself and others. If you like this post, make sure to check out our other MoneySmart Tips.
