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OCCU Sends Alert to Help Spot the Latest Text Scams Hitting CUs

Published: October 23, 2023 on our newsletter Security Fraud News & Alerts Newsletter.

Scammers are always trying to find new ways to extract your personal financial information to steal your money or your identity. One of the latest scams is the fake text message that looks like it came from a well-known local credit union. The text messages look legit, often including the credit union’s logo and an official-looking link or phone number.

The scammers send the text to every mobile phone number in a region. Anyone with a mobile number based in the same area as the credit union can be a recipient whether or not they have accounts with that credit union.

Because they are going to all mobile phones in a region, the texts are not indicators of a security breach at the credit union or that member information has been compromised. If you have a phone that receives text messages, you’re a target.

Text scams, also known as smishing, are particularly effective because people are more likely to respond to a text, often while on the go. It is estimated that users read 98% of text messages and respond to 45%.

Many consumers also have already caught on to phone or email scams that appear to be from reputable sources. As these avenues become less effective for cyber thieves, they are turning to text messages instead.

Fake text messages and similar scams cost victims more than $52 million in 2022 alone, with more than 300,000 complaints nationwide, according to the FBI’s Internet Crime Complaint Center.

How impostor text scams work

The text messages usually sound urgent, indicating things like a suspicious transaction has occurred or that your account has been locked.

The message will include either a phone number that redirects to the fraudsters or a hyperlink to a fake website that looks very similar to the credit union mentioned in the text.

If you respond, the hacker will use your information to commit fraud or sell your stolen data on the dark web.

“Most impostor text scams invoke a temporal element that warns of negative consequences should you fail to respond or act quickly: your card is being shut off, fraudulent charges are pending, etc.,” said Matthew Wilson, senior VP of risk and administration for Eugene-based OCCU. “The messages usually include a link to click that will then prompt you for credentials, which then the malicious actor uses against you.”

How to avoid falling for a smishing scam

The key to sidestepping a scam is to stay alert and refuse to respond to any texts that are unexpected or otherwise feel “off.”

“If you’re unsure whether the message is legitimate, take a deep breath and call or visit the site or service in question manually — ideally, by typing the company’s exact URL,” Wilson says. “Be cautious and reach out to the company from another source, outside of the phone numbers or links provided in the suspicious message, to validate legitimacy.”

Here are a few things you should always keep in mind when reading or responding to text messages:

  • Legitimate financial institutions will not contact you via text message and ask you to provide login information such as passwords, codes or other credentials. In fact, you can safely assume that no reputable organization or service provider would ever do so. This is an essential security policy that all responsible organizations share precisely for the purpose of protecting you and your identity.

  • When in doubt, go straight to the source. Do not respond to the text message.

    • If you do not have a relationship with the impersonated organization, delete the text and report it as spam.

    • If you do have a relationship with the impersonated organization, use another method to verify the status of your accounts — such as online banking or the mobile app or call the organization and ask whether it’s legitimate. It’s probably not.

  • Do not respond to or click on links from anyone you don’t know or that are purportedly from an organization with whom you do not already have a relationship.

What to do if you’ve been scammed

If you’re involved in a scam, the first thing you need to do is give yourself a break. It’s not your fault — we all get caught unaware sometimes. The next thing you need to do is report it immediately. Contact your financial institution right away and ask about canceling fraudulent transactions and blocking future charges.

“If you are concerned that you’ve fallen victim to a social engineer using smishing methods, don’t be embarrassed!” Wilson says. “Get on the phone with your financial institution and let them know so that we can all assist in monitoring your accounts for fraudulent transactions.”

The next step is to consider freezing your credit reports and notifying the Internet Crime Complaint Center, he adds.

Above all, be as wary of text messages as you are of email and phone spam. Social engineers may be clever, but they’re not that hard to spot if you stay on the lookout.

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