Submitted by CEFCU
You’ve probably received a text message that appears to be from a trusted source — like the United States Postal Service, FedEx, or your financial institution — that tells you there’s an undeliverable package or notifies you of a fictitious transaction on your account. The text then prompts you to take action by clicking on the provided link. Did you know there’s a specific term for these types of text scams? It’s called smishing. Fraudsters send these text messages to the masses hoping those who receive the texts will click the link and provide login, payment, or other personal information. This is a gateway for the fraudsters to gain access to the victim’s financial details and ultimately compromise their accounts. Smishing text scams are popular among fraudsters and often appear to be legitimate!
The trusted sources that are being impersonated in smishing scams, including your financial institution, will never text or call you asking for personal or account information unless they have a specific purpose for doing so. If you receive a text message from a trusted source that seems suspicious, take a screenshot of the text and contact the source directly (e.g., your bank or credit union) to report the text message and verify they were not attempting to contact you.
Here are some quick reference red flags and tips to look out for with smishing text scam attempts:
- The message contains obvious misspellings or grammatical mistakes.
- There’s an urgency with the message that something bad will happen if you don’t respond right away.
- The message comes from an unknown phone number or email address. A legitimate text message sent by a business or organization will usually come from a short-code number, which is 5 or 6 digits.
- The sender promises a “free gift” if you click the link, but then it asks for payment information to cover shipping or convenience costs.
- A One Time Passcode (OTP) or Secure Access Code (SAC) is for your eyes only and should not be given to anyone, even your financial institution.
- Screenshot any smishing scam attempts to send to the source being impersonated, then block and report the text message so your wireless provider can spot and block similar messages. If you’re a CEFCU member, you can send a copy of the screenshot to [email protected] and the CEFCU team will work to take down the fraudulent site to protect members.
- The bottom line with smishing scams is to use your gut instincts — if something doesn’t feel right, be wary and DO NOT click the link!
You can protect yourself against fraudsters by staying up-to-date on common scams. One way to do this is by attending a SeniorCents fraud seminar, hosted by CEFCU®. The Credit Union features guest speakers, such as fraud specialists from CEFCU and law enforcement representatives, who share tips on how to protect yourself against common scams.
Follow CEFCU on Facebook for more financial education and to find out about upcoming SeniorCents seminars. And, visit cefcu.com/security to get tips on keeping your information safe!
