Smishing, short for SMS Phishing, is a variant of phishing email scams that instead utilizes Short Message Service (SMS) systems to send bogus text messages.
Here is an example of a fraudulent text:
Credit Union ALERT: Your Debit Card has been temporarily LOCKED. Please call the Card Services line (999) 999-999 to unblock your card.
As you can see, the message is generic and very suspicious. If you get a suspicious looking text on your phone and it asks you to confirm financial information, it’s not coming from a legitimate institution. Therefore, don’t reply and don’t tap on the link in the message. Simply delete it. Your financial institution, ISP or favorite online retailer will never ask for sensitive info this way.
Whenever you have doubt, contact the company yourself. You should avoid calling or replying to a potentially fraudulent number. It might seem right to call and let the scammers know you’re on to them, but any ongoing investigation could be compromised if the fraudsters become too suspicious. Instead, call your financial institution immediately and provide them with as many details as possible. Anything you can provide will help them provide thorough report to the investigating agencies. Plus letting them know you have an active phone number may lead to increased scam attempts in the future.
Maintaining safeguards against cyber-crime is a must! A tremendous step in that direction is continually educating your employees on all things in relation to Online Banking Security. Here are some forget-me-knots to assist in that education process:
- Always be in-the-know about Corporate Account Takeover
- Always be in-the-know about Malware
- Always be in-the-know about Social Engineering
- Always be in-the-know about the protection of NPI (Non-Public Personal Information)
- Always be in-the-know about the importance of Password Security
As always, if you notice anything suspicious on your account, please don’t hesitate to call us! You can reach us at (800) 762-3136.
Visit our Security Tips and Best Practices page for more information on how you can protect yourself from online fraud and social engineering predators.