Scammers continue to exploit commonly used communication channels to target
victims. They pose as trusted entities, individuals, or businesses to deceive unsuspecting
victims. These fraudsters impersonate government officials, pose as family members in danger,
and even pretend to be bank or credit union employees.
Common Texts Sent by Fraudsters
A recently emerging scam involves initiating contact through text messages, where the fraudsters pretend to be representatives from a bank or credit union's fraud department. The messages will usually cite suspicious or concerning activity and may resemble the following:
These text messages are often crafted to manipulate the recipient
into taking a specific action, such as confirming a transaction or clicking on a malicious
link. The goal is to engage the victim and convince them to follow fraudulent
instructions.
If a phone call is answered, scammers will impersonate bank personnel, claiming to be from the "fraud or security department." They will appear as if they are there to help but, in truth, their intentions are to obtain access to online banking accounts. They do this by seeking login details, such as usernames and passwords, gathering personal identification data and account numbers, or persuading victims to make payments to rectify an alleged "issue."
Be prudent when answering a call from an unknown entity, person,
or company, especially following a suspicious text message. If you are asked for any of the
following information, STOP and hang up.
BankFund Staff will never ask for the
following:
- Digital Banking remote access
- Username for Digital Banking
- Password for Digital Banking
- Social Security Numbers (in entirety)
- One-time passcodes
- To download any app or software so that you can share your screen
- Debit or Credit Card PIN numbers
- Full Debit or Credit Card numbers
- Mother’s maiden name, street you grew up on, or any other security related questions and answers
Tips to Prevent Text Scams
Fraudsters convince people to provide these sensitive pieces of information under the guise of helping to solve the issue or concern. The following tips can help you avoid becoming a victim of a Text Scam:
- Always be wary of any caller, even if you recognize the Caller ID. Exercise sound judgment when receiving and responding to text messages, even if you believe you recognize the Sender ID. Fraudsters can spoof bank and financial institution contact numbers to appear legitimate. If you think it is your bank calling, find contact information through the bank’s legitimate website. For BankFund, contact information is found at Contact Us: Additionally, sending a secure message through Digital Banking is another option.
- Do not click on links in text messages or emails. Instead, visit the financial institution’s website or log in to your Digital Banking through the application on your cellphone. Exercise caution when you receive a text message with a link, even from known contacts. If a link in a text directs you to enter your personal identifying information (e.g. Digital Banking User ID/Password, Social Security Number), do not enter. Instead, go to a known location (e.g. your financial institution’s App or Website) to complete any intended tasks.
- Financial institutions will never pressure you into taking immediate action. Stop, take a minute, and think through what is being asked of you. Exercise caution and restraint when a text message is directing you to take immediate action on an “urgent” matter. Your financial institution will never act in a manner that creates a sense of immediacy or urgency and will always allow you the time and information needed to make informed decisions.
- Never provide any verification codes verbally over the phone. This is a tactic used by fraudsters so they can gain access to your account. Verification codes should only ever be entered manually on the website to confirm your identity.
- Never use the phone number provided in the text message or email to call. Refer to the contact information on your financial institution’s website, your bank/ monthly statement, or debit or credit card when initiating communications to your financial institution.
Learn to block and report unwanted texts:
How To Block Unwanted Calls | Consumer Advice (ftc.gov)
How to Recognize and Report Spam Text Messages | Consumer Advice (ftc.gov)