Bank impersonation resulted in $330 million in reported consumer losses in 2022,in a new report released on Thursday. That's double the successful theft from these type of texts in 2021.
One reason for the increase in these texts — and their success rate — is that scammers rely on how people have become trained to quickly respond to incoming texts. The scammers often craft a text from Bank of America or Wells Fargo that says something like:"Wells Fargo Bank Alert: Did you attempt a purchase at Walmart for $1,263.89? Reply YES or No."
Those who see the message and quickly reply could then get a call from scammer claiming to be a from the bank's fraud department. Alternatively, the text will ask the person to call a number that it says is the bank's fraud department. The solution to protect yourself is to be aware of these scams. If you get such a message, don't immediately respond.
Bank of America also warns to never click a link in a suspicious text message as it could load malware on your phone. And, if anyone saying they are from your bank calls you, don't give out any personal information such as your social security number.Subscribe to push notifications
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