{"id":59502,"date":"2023-09-11T08:10:36","date_gmt":"2023-09-11T12:10:36","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/its-easy-to-get-duped-out-of-thousands-of-dollars-by-this-bank-scam-how-to-spot-it-and-avoid-it\/"},"modified":"2023-09-11T08:10:40","modified_gmt":"2023-09-11T12:10:40","slug":"its-easy-to-get-duped-out-of-thousands-of-dollars-by-this-bank-scam-how-to-spot-it-and-avoid-it","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59502","title":{"rendered":"It\u2019s easy to get duped out of thousands of dollars by this bank scam \u2014 how to spot it and avoid it"},"content":{"rendered":"
\n

This <\/em>article<\/em> is reprinted by permission from <\/em>NerdWallet<\/em>.\u00a0<\/em><\/p>\n

The Federal Trade Commission recently revealed the most-reported text message scam: bank impersonations.<\/p>\n

Reports of bank impersonations by text in 2022 jumped to 20 times the number reported in 2019. According to the FTC, consumers reported a loss of more than $330 million to text message scams in 2022. And cash that\u2019s lost because of bank fraud or scams isn\u2019t covered by the Federal Deposit Insurance Corp. or National Credit Union Administration.<\/p>\n

\n

Banks are a\u00a0safe place to keep your money, but there are still a few basic but important precautions you can take to ensure you don\u2019t fall for a bank-impersonation text scam. Here\u2019s how to protect your money from text message scams impersonating your financial institution.<\/p>\n

Don\u2019t make money moves under pressure<\/strong><\/h2>\n

Text message scammers will try to make you feel like action is required immediately \u2014 at the risk of losing your money. It may come as an urgent message warning you to call or click on a link because of alleged suspicious activity.<\/p>\n

\u201cAny type of pressure tactic is not legitimate \u2014 that is not your bank,\u201d says Paul Benda, senior vice president of operational risk and cybersecurity at the American Bankers Association. As with any decision about your finances, avoid taking actions when you feel scared, stressed out or pressured.<\/p>\n

Also see:<\/strong> Thieves can empty your bank accounts if you\u2019re still using this outdated payment method<\/p>\n

Don\u2019t click on any links from an unsolicited message<\/strong><\/h2>\n

If you receive a text message you\u2019re not expecting, be wary \u2014 especially if it looks like it might be from your bank.<\/p>\n

In a recent poll by security experts at Security.org, 66% of respondents said that they had received a suspicious text from someone they didn\u2019t know, and about 20% clicked on links texted from strangers, which is never advisable. \u201cLook at any type of unsolicited communication very cautiously,\u201d says Benda.<\/p>\n

Major banks were popular choices for scammers to impersonate in 2022. According to the FTC, the most common scam text messages often claimed to be from large banks, including Bank of America
\n BAC,
\n +0.82%<\/bg-quote>,<\/span>
\n Wells Fargo
\n WFC,
\n +1.41%<\/bg-quote>,<\/span>
\n Chase
\n JPM,
\n +0.08%<\/bg-quote>
\n and Citibank
\n C,
\n -0.34%<\/bg-quote>.<\/span>\n <\/p>\n

Don\u2019t call a phone number that\u2019s texted to you<\/strong><\/h2>\n

Just as you shouldn\u2019t click on a link texted to you from someone you don\u2019t know, don\u2019t click on or dial a phone number you receive in a text. Instead, find the official phone number for your bank by going to its website or mobile app. Initiate contact with your financial institution at its official phone number to ensure you\u2019re talking to a legitimate representative, and verify whether there actually is an issue.<\/p>\n

\u201cMaking that phone call can be the difference between getting scammed versus not getting scammed,\u201d says Tremaine Wills, a financial advisor and founder of Mind Over Money, a financial literacy company in Newport News, Virginia.<\/p>\n

One particular kind of text scam resulted in a median loss of $3,000 in 2022, according to the FTC: a text from someone impersonating your bank, instructing you to reply with a \u201cYes\u201d or \u201cNo\u201d to confirm or deny a suspicious transaction. Once you replied, the scammer would call you under the guise of helping you. Their ultimate goal was to either fraudulently transfer money out of your account or obtain personal information such as a Social Security number.<\/p>\n

Also on MarketWatch: <\/strong>7 mistakes you don\u2019t want to make with a balance transfer credit card<\/p>\n

What to do if you were unable to avoid a scam<\/strong><\/h2>\n

If you should happen to fall for a text scammer impersonating your bank, there are a few critical steps to take.<\/p>\n

First, alert your bank to the incident and get its help in making sure no more money leaves your account fraudulently. Next, report the scam to local law enforcement. Those first two actions are key for trying to recover any cash that was wrongfully taken from your account.<\/p>\n

Finally, file a complaint with the FTC at ReportFraud.ftc.gov and\/or report the instance to the Federal Bureau of Investigation\u2019s\u00a0Internet Crime Complaint Center. The FTC also recommends that you forward suspicious text messages to 7726, which helps wireless providers identify and intercept similar text messages. You can also report and block suspicious text messages within your messaging app.<\/p>\n

Read next:<\/strong> \u2018A gift to scammers\u2019: Thieves are using artificial intelligence to develop new scams, improve old ones<\/p>\n

Having a good idea of your account activity is a key part of protecting your money from scams.<\/p>\n

\u201cHave a regular practice of knowing what\u2019s going on with your account,\u201d says Wills. If you\u2019re not completely sure of what\u2019s happening in your account, then you might be more likely to be alarmed by a text message claiming to be from your bank, she says.<\/p>\n

More From NerdWallet<\/strong><\/p>\n

Ruth Sarreal writes for NerdWallet. Email: rsarreal@nerdwallet.com.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This article is reprinted by permission from NerdWallet.\u00a0 The Federal Trade Commission recently revealed the most-reported text message scam: bank impersonations. Reports of bank impersonations by text in 2022 jumped to 20 times the number reported in 2019. 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