The Growing Threat of Text Scams - Money Tip Tuesday

In today’s digital age, text message scams are becoming increasingly sophisticated. These scams can lead to significant financial loss, identity theft, and even compromise your personal data. It’s more important than ever that you learn how to detect the key signs of fraudulent messages to protect yourself from falling victim to these common scams. 

Links:

• Read more about fraud awareness tactics and view recent fraud alerts
• Learn more about the benefits of Better Checking with ID Protect
• Check out TCU University for more financial education tips and resources! 
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• Learn more about Triangle Credit Union

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

There has been an increase in all kinds of scams targeting almost everyone they can. Fraudsters attempt to get unsuspecting victims in almost any way. They’ll use fake ads, fake websites, cleverly disguised emails, phone calls from seemingly recognizable companies and even text messages with links.  

The danger of these scams is that with only a little bit of personal information, they can wreak havoc on your life and finances for years to come. 

Lately there’s been a large increase in scams targeting individuals, coming specifically through text messages. It’s important to know the signs of these types of scams so you don’t become a victim. 

Here are some of the more common text message scams you might run into. 

1. Bank Alerts: Scammers often impersonate banks, sending texts that claim there’s an issue with your account. These messages are designed to create a sense of urgency, prompting you to click on a link or call a number to “resolve” the issue or verify personal information.
2. Delivery Notifications: You might get a text saying there’s a problem with a package delivery. The message includes a link to a fake website asking for personal information or payment details to correct the problem.  
3. Fake Fraud Alerts: Scammers send texts pretending to be from your bank or credit card company, warning you of suspicious activity. They ask that you confirm account details to keep your account secure, but it’s their way of getting your login information so they can access your accounts and steal your money.
4. Prize Notifications: You receive a text claiming you’ve won a prize or a lottery. To claim it, you’re asked to provide personal details or pay a fee. Scammers use your excitement of being a winner to trick you into giving away sensitive information.  
5. Impersonation of Friends or Family: Scammers might text you pretending to be someone you know, claiming they’re in trouble and need money urgently. 
6. Job Offers: You might get a text offering a high-paying job with minimal effort. These scams then ask for personal information to continue forward with the job or they’ll request an upfront fee for job-related training or equipment.  
7. Fake Invoices: Scammers send texts with fake invoices for services or products you didn’t order. These texts then include a link to dispute it that leads to a fake site asking for sensitive information.  

 

Scammers are getting increasingly clever and crafting believable messages disguised to look like urgent alerts from companies and individuals you trust.  

It’s more important now than ever to familiarize yourself with these tactics so you won’t be caught off guard next time you’re targeted by a scammer. 

So what actions should you take if you get any of these messages? 

• Don’t act on the message out of fear! These texts rely on the tactic of creating urgency to get you to act without thinking. Don’t follow the prompts or click any links.  

• Contact your financial institution, the company or individual through an access point you know is safe. Open a new browser and go to the company’s website to get their contact information. If it’s a suspicious message from an individual like a friend or colleague, contact them through a method you know to be safe, like a trusted messaging app, their phone number in your contacts or a known email address. 

• If you get a message of fraud activity on our card like, “fraud use detected: verify this purchase was yours or not.” Investigate on your own first. Open your mobile app or visit your online banking account using the browser and check your transactions there. If there’s no reflected transaction, then the message was a scam.  

• Finally, set up identity theft protection for yourself and family members. There are a lot of great products out there that provide identity monitoring, expense reimbursement, and case managers to provide assistance in case you ever become a victim. Check out Triangle’s Better Checking account with ID Protect for identity theft protection and other resources to keep you and your family safe.  

If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page, and look for our sponsor, Triangle Credit Union, on social media to share your thoughts.   

Thanks for listening to today’s Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.   

Have a great day!