On Christmas Eve, Blue Federal Credit Union warned members on social media to be on alert for text messaging scams attempting to access member information. Blue FCU serves over 115,000 members globally across its 20 locations.
Blue FCU Warns of Texting Scams Ahead of New System Rollout
The post warned members of possible scams as the credit union begins transitioning to a new mobile banking system. Additionally, Blue FCU added that the credit union would never contact members via text messages to update their information.
Texting scams have become more common over the last few years, with banking a significant industry targeted by scams. Known as “smishing” (or SMS phishing), such scams use misleading information to attempt and gain an individual’s financial or personal information.
The best smishing scams can look real at first glance, but there are ways for you to identify SMS scams with even the most realistic smishing attempts.
How to Identify Scam Text Messages:
1. The message has links.
The Federal Trade Commission notes that phishing scams usually try to get you to click on a link or open an attachment. Once an individual clicks on the link, their information can become exposed to the scammer. If a text message has a link, don’t click on it.
2. The message involves financial information or transactions.
If a message asks for you to verify account information, it’s very likely a scam. The same goes for any messages asking you to follow a link to an unfamiliar invoice or urging you to make a payment.
3. The message is “URGENT.”
Scammers try to get immediate responses from individuals. If a message demands immediate action, it may be a scam.
4. The message has grammar mistakes, misspellings, or other errors.
If the message has apparent grammar mistakes or misspellings, there’s a chance it could be smishing, mainly if the message contains any other signs of a scam message.
5. The message promises free money or financial gain.
Many scams use the prospect of winning money or receiving funds to get individuals to click on the scam link.
If you are still unsure if a message is a scam, it’s best to leave it alone and reach out to your institution, business, or person the scam is impersonating for clarification.
What Do You Do if You Have a Smishing Message?
If you have identified a smishing message on your phone, the first step is to not respond to the message.
Then, you’ll want to notify your banking institution or whomever the message is impersonating (e.g., the electric company, the IRS, etc.) of the scam. You can also report the fraud to the FTC at ReportFraud.ftc.gov.
After reporting the message, you can block the number and delete the message from your phone.
