We’ve all gotten them–phone calls from unknown numbers, emails, and texts from suspicious sources. In today’s digital world, attempts to defraud us seem to be coming from every direction. Joining us this morning is Deidre Davis, MSUFCU Chief Marketing Officer, to talk about some of the more prevalent scams you may encounter, like “smishing”, and how to protect yourself from them.
What are the latest fraud strategies that we need to watch out for?
Scammers and fraudsters are always coming up with new ways to trick us into giving them money or personal financial information. They no longer focus only on emails but also try to scam you through phone calls, pop-up windows, social media interactions, and text messages, known as “smishing”. Scammers craft messages attempting to impersonate an organization you know and trust – it might be from a streaming service like Netflix, your financial institution, or a local restaurant. They’ll even include the correct logo and colors to appear as a legitimate message from the organization you know. A good rule of thumb is to always approach any message you receive with a healthy dose of scrutiny.
You mentioned Smishing, what is that? And is it very common?
By now, you’ve probably heard of phishing, where fraudsters attempt to steal personal information via email. Nowadays, scammers are capitalizing on the popularity of text. It’s called SMS phishing – or smishing. With smishing, the scammer sends a text message that is that’s intended to trick you into providing your personal information including account numbers, your social security number, or your passwords. They then use that information to gain access to your accounts or may even sell it to other scammers.
Popular smishing tactics include:
- Claiming there are issues with your payment information
- Stating your account or credit card is blocked
- Asking you to verify purchases
- Offering prizes or gift cards
A common theme with smishing messages is to have a sense of urgency, either scaring you with a problem, or pushing you toward a prize. For example, the text message may tell you that you have an overdue bill and try to get you to click on a link to go pay your balance on their website or it might say your card is locked, or want you to verify a purchase. But if you click the link, you may potentially download malware to your device that can extract information automatically or you’ll be asked to enter your personal information which the fraudsters may then use to access your accounts. Familiarizing yourself with the signs of a smishing text may help you protect yourself against scams
What should someone do if they receive a smishing text?
If you receive a message appearing to be from a trusted organization that you think could be a smishing attempt, do not reply or click on any links within the message.
Report any texting scam attempts to your wireless service phone provider by copying the message and texting it to 7726 (or "SPAM"). This allows your phone carrier to investigate the scam attempts and take action to try to block the scammer from messaging you and others. You can also report scams to the Federal Trade Commission by visiting ReportFraud.ftc.gov.
Then, it is important to notify the other institution immediately. Receiving a suspicious text message does not always indicate a potential scam, but it is best to take precautions and report these types of messages directly to the financial institution.
How can MSUFCU members keep their accounts safe?
A: While MSUFCU works to ensure your account is safe 24/7, there are also ways you can make sure your financial information is protected.
First, create a strong username and password that is unique to you. Also don’t click on any links in text messages that you’re not sure about or that look suspicious. If in doubt, contact your financial intuition or credit card company directly to confirm that the text came from them. Be sure to block any scam phone numbers to prevent future messages. Also, look out for misspellings, unusual URLS, and oddly phrased sentences.
MSUFCU also provides information on ways to protect yourself with our Fraud Prevention blog series and other resources and tips that can be found on our website.
As a reminder, MSU Federal Credit Union will never call, email, or text you asking for your PIN, access code, or other sensitive financial information.
Please notify MSUFCU if you receive a suspicious call, email, or text message from someone claiming to be from MSUFCU.
