Scam alert: Beware of text banking scams
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We have received recent reports from local banks of a scam that involves phony fraud alerts. Here are some tips about how to recognize these scams.
The scam: You receive a text from your bank stating there was recent fraudulent activity on your account. The text asks you to follow a link to a website, or to text “YES” or “NO” to confirm or deny the charges.
The scammer: After you click the link or text back, a scammer knows they have an active phone number. They will then call you, pretending to be from your bank. They will attempt to gain access to your financial details.
The consequences: Once a scammer has your financial details, they are able to transfer money to themselves. Since many of these scammers are located overseas, it is difficult for police to trace or recoup the funds.
What to do:
- Never give out your personal information such as PIN, birthdate or social security number over the phone
- Have your bank’s number handy and call them directly about any banking problems you may be experiencing
- If you don’t know where a link goes, do not click on it
- Never transfer money to resolve an issue of fraudulent charges
- Remain calm, ask questions, and don’t rush into anything. Scammers will often use aggressive language to persuade their victims they must act now
If you believe you have been the victim of this type of fraud, contact your local police and your financial institution right away.
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