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Category: Fraud Prevention

Imposter Text Scams: 6 Tips to Fight Back

Beware unsolicited texts from your bank. Odds are, fraudsters are attempting to steal your money.

By Doug Segrest | March 19, 2024

The text message comes in fast and furious – from your bank, no less.

It may say your account has been locked because of suspicious activity, or there’s an unsolicited request to confirm a questionable transaction. Thankfully, they provide a link to verify the transaction or a phone number you should call to reopen the account.

Your next step: Don’t respond. Instead, contact you bank directly to confirm potential fraud.

According to the Federal Trade Commission, imposter text message scams are among the greatest threats to your financial health, costing American consumers $330 million in 2022 alone. Even the median loss of $3,000 per scam is enough to take a bite out of anyone’s finances.

The key red flag? There’s always a sense of urgency demanding you respond immediately. Above all, avoid clicking on links that could contain malware.

Fraudsters will utilize every possible communications platform to reach their victims and perpetrate their scam. Be fraud aware and question messages from unknown senders.
Jeff Taylor, Regions’ head of Commercial Fraud forensics

Each year, Regions joins the American Bankers Association and financial institutions across the country in the #BanksNeverAskThat campaign to warn consumers about the pitfalls of various schemes.

But there’s good news, when it comes to imposter text schemes, there are moves you can make to avoid becoming a victim.

 

6 Tips to Fight Imposter Text Scams

  • Never click on links in an unsolicited message – Instead, go to the bank’s official website (keep that bookmarked) and check for any alerts on your account.
  • Ignore follow-up calls – Simply texting “Yes” or “No” when a text message asks if you made a purchase can lead to a scammer calling you for further verification. The objective is to take control of your account.
  • If you do answer, don’t provide account information over the phone – Remember, #BanksNeverAskThat.
  • Ignore the caller ID – The phone number may match a legitimate number. It may include your bank’s name. But that spoofing is part of the imposter text scam’s success.
  • Be wary of any request for immediate action – Scammers want to make you uncomfortable and anxious.
  • Don’t move money under pressure – Again, take a step back and verify the request yourself.

 

You need to act quickly if you fall victim.

Call or visit your bank and alert them about the incident so they can take action to protect your account. And call law enforcement so they are aware and can stop other scams.

Remember, it never hurts to be skeptical. Your gut instincts can stop imposter text scams cold.

 

Related Fraud Prevention Articles From Doing More Today

  • #SlamtheScam: Don’t Fall for Imposter Scams
  • Fighting Fraud, Keeping Nonprofits Safe
  • Tax Fraud Red Flags: 6 New Tips from the BBB
  • #BanksNeverAskThat: Text Message Scams

 

The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.
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