Source: FDIC
Did you know that, according to information recently published by the Federal Trade Commission (FTC), consumers reported losing $12.5 billion to fraud in 2024. The second highest category of reported losses came from imposter scams. In these scams, scammers pretend to be someone that you know and trust, such as a representative from your bank or the government, to try to get you to send money or share your personal information.
In fact, the FTC found that “bank impersonation” scams were the most reported scam occurring through text messages in 2022, up nearly twentyfold since 2019. In a bank impersonation scam, scammers pretend to be from a bank and request your personal information, like Social Security numbers, credit card or debit card numbers, or your bank account passwords. The text message often looks like a bank security message and tries to create a sense of urgency to encourage you to provide your personal information.
For example, you might receive a text message asking you to verify a large purchase you didn’t make, and, if you respond, you might get a call from someone pretending to be from the bank’s fraud department, who asks you for your personal information. The scammer then uses the information to steal money from your account. According to the FTC, a typical consumer who falls for this scam lost $3,000, plus was at risk for identity theft.
When you get a text message that makes you worry or seems fishy, take your time and call your bank directly, using a phone number that you are familiar with, like the number provided on your debit or credit card. Do not use a phone number provided by someone you are unfamiliar with or that you think may be a scammer. As an alternative, contact the FDIC before you provide any information when something does not seem right.
Also, do not click on any links in the message or provide information unless you are certain you are dealing with your bank.
Text messages are not the only way scammers will try to reach you. They also use emails (“phishing”) and phone calls (“vishing”). Learn how to identify these scams and better protect yourself and your money.
If you have any questions or you are uncertain about a message, please contact us right away at 781-729-3620 and a Bank customer service representative can assist you.
