Seven words are sign you’re reading dangerous ‘fake text’ that empties banks as experts warn $372 million stolen already
THERE are seven words you want to keep an eye out for in text messages to avoid having a run-in with a money-stealing scam.
The precaution is important because there were 230,407 reports which led to $372 million lost from text message scams in 2023.
The data comes from the Federal Trade Commission’s Consumer Sentinel database 2023 report.
Text scams show up as imposters pretending to be a real business such as your bank and request information from you.
They might add in an urgent request to catch your attention as well.
There could also be a link that redirects you to a page and requests for you to add your personal information.
The scammers can be tricky in the way they lure you in, which is why it’s more important than ever to stay aware.
STAY AWAY FROM THESE 7
Real businesses will usually never text you and directly ask you for your personal information and this is a red flag.
Your personal information is sensitive information that needs to be handled carefully and businesses are aware of this.
Here is a breakdown of scam words popping up in texts, according to security expert McAfee.
- social security numbers
- PIN
- bank
- payment details
Scammers will include these words in messages that look very real which makes it easy to get confused.
These words may also show up in email or phone call scams.
The FTC said there were 358,428 reports of email scams which led to people losing $430 million in 2023.
There were also 297,765 reports of phone call scams, accounting for $850 million lost last year.
MORE PRECAUTIONS
You’ll want to be on the lookout for these additional scam red flags.
This includes spelling and grammar mistakes or suspicious links and attachments, McAfee said.
Your bank may also include a disclosure on its website showing what a real text message would look like.
“Most of us probably avoid reading disclaimers and terms of service from brands and organizations,” McAfee said.
Phone scam statistics
Americans are bombarded with three billion spam phone calls a month. What are the figures regarding the number of victims and the amount of money lost to fraudsters
- In 2022, Americans lost some $39.5 billion to phone scams, with 68.4 million US citizens affected, according to TechReport.
- The average phone scam victim lost $567.41 each in 2021, a major rise on the 2021 figure of $182 per victim, according to Hiya.
- The majority of scams happen over the phone, with fraudsters twice as likely to call compared to text in 2021, as reports the Federal Trade Commission (FTC).
- In 2021, the US saw a 56% increase in spam phone calls with 60% of those being robocalls.
- US residents experienced an average of 18 spam phone calls per month, although some experts believe the true figure may be as high as 31 per month.
- Many phone calls from reputable businesses may be marked wrongly as spam, but 38% of companies have no idea whether they’re being marked as “potential fraud” or not, according to Hiya.
- Never hand over any personal or financial information if you suspect a phone call is a scam. For instance, your bank will never ask you for such details in full over the phone.
- To cut down on spam phone calls and scams, sign up for the Do Not Call Registry. Telemarketers, by law, will need to check that list before they call you up.
- Downloading third-party apps such as Hiya, Nomorobo, or Truecaller can help filter out annoying spam calls.
- Try not to share your phone number unless you have to, especially online or with sketchy sources.
“Paying attention to guidelines for how an organization will contact you will help you stay safe from scams.”
Chase Bank includes a “How to identify certain Chase shortcodes (text messages).”
If you believe a message seems suspicious, you should reach out to your bank directly.
“If you think a text message is suspicious, do not respond,” Chase said.
“Call us using the number on the back of your card or account statement.”