Be on the Alert for New Text Message Scams

Be on the Alert for New Text Message Scams-Financial Symmetry, Inc.

Gone are the days when your biggest telephone worry was getting an annoying telemarketing call. As new technology is developed, unfortunately, new scamming techniques come with it, including a recent influx of text message scams.

While you should always be cautious when receiving a text message from an unknown number, there are a couple of new specific text message scams that target bank customers. When your money is on the line, it’s important to be extremely vigilant so that you don’t give scammers access to your bank account.

Scam 1: The Fraud Department

According to CBS News, one new method to watch out for is when a scammer calls you, pretending to be with a bank’s fraud department by asking about suspicious withdrawals. The scammer starts off by asking for your bank member identification number, and then they text you a one-time verification code to confirm your identity. The text comes from the bank’s real phone number so that it looks authentic, and once you have read them the one-time verification code they ask for your PIN number to hack into your account.

Scam 2: The Locked Account

According to Better Business Bureau, another approach is when a scammer sends you a text message that says your account has been locked, and it asks you to click on a link or call a phone number. You’re then prompted to enter or give your card number and PIN to reactivate the account. From there, the scammer can hack into your account, or cause a virus to download that gives them access to information on your phone.

What to Do If You Receive Suspicious Communication

If you get a suspicious call or text like this, it’s important to hang up immediately or delete the text message and call the number that’s on the back of your card to confirm that you are in fact talking to your bank. Do not click on a link from a suspicious text and don’t respond unless you can verify that the text message is legitimate. You should also regularly monitor your bank and credit card statements for fraudulent charges.

For our clients, it’s also important to note that withdrawing funds from Pershing accounts is not possible with our clients’ login. Without signed documentation, funds withdrawn from Pershing accounts can only be sent via check to the address on the account, or via an electronic transfer to a bank account that has been authorized with previously signed documentation.

Above all, trust your gut if something feels off about a phone call or text message. It’s much better to be safe than sorry.

Please contact us if you have any questions.

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