Sorry, you’ve got the wrong number. Hey, no problem. Yes, you seem nice, too. Wait! I can make how much how quickly?!?
We’ve written about text message scams before, but we’re back because criminals have returned to this kind of fraud to take advantage of unsuspecting people. According to the Federal Trade Commission, text message scams cost Americans $300 million just a few years ago.
What are Text Message Scams?
Frankly, these text message scams can start rather innocently.
- You get a mundane message, intended for someone else. It can be a reminder of a Zoom meeting you missed or a party invitation. They may call you by the wrong name or try to book a service appointment you didn’t ask for.
- When you reply, “wrong number,” the scammer will strike up a friendly, lighthearted conversation.
- From there, they will try to develop a rapport. This engagement may take weeks, but patience is their lone virtue.
- They’ll often work in a cryptocurrency investment into the conversation, even offering to send you a small token to show their appreciation.
- At some point, they’ll try to move the conversation to another platform or message service.
- Don’t have the platform or messaging service? No problem. The scammer has a link for you.
- Once they think you’re fully hooked, they’ll try to elicit more personal information, including financial accounts and Social Security numbers.
“These scams continue to increase in volume, intensity, and authenticity,” said Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank. “Don’t give the fraudster an opportunity; the best response is no response.”
Don’t give the fraudster an opportunity; the best response is no response.
Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank
These text message scams are effective because they are flexible. Any conversation allows a professional criminal to read the room and act appropriately where they sense they can take advantage. So, your best defense is to recognize tell-tale signs of a potential scam in progress.
6 Steps to Avoid Becoming a Text Message Scam Victim
- Don’t reply. Don’t call back. No matter how cute or funny they seem, don’t give them the hook they seek.
- Delete the message and block the number.
- Never ever click on a link that you didn’t request.
- Don’t text back STOP to avoid future messages. That only works with legitimate senders. Again, block the number.
- Never offer personal or financial information to anyone you don’t know and completely trust.
- Take an extra step to protect the next potential victim by reporting your experience with the FBI’s Internet Crime Complaint Center (ic3.gov) or the FTC’s ReportFraud.ftc.gov. You can also copy the message and forward it to the number 7726 (yes, that spells “SPAM.”)
“At Regions, our goal is to educate our customers, associates and the public,” said Kimberly Reece of the Fraud Prevention Customer Advocacy team. “Awareness is always the best defense against fraud.”
Additional Resources from Regions.com
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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.