Beware of Smishing Text Scams: Protect Your Financial Accounts

Phishing attacks are becoming increasingly sophisticated, and one common method used by cybercriminals is smishing—phishing via text message. It’s essential to be aware of the signs of smishing to protect your financial and investment accounts.
How to Spot a Smishing Text
Smishing texts often contain several warning signs. One of the most noticeable is they come from international phone numbers. These messages might claim that an ACH debit has been made from your account, often involving large amounts of money. To create a sense of urgency, the message tells you to cancel the transaction by replying or clicking on a link. The link may look like it’s from a financial institution like Schwab, but it’s slightly altered, in URLs like “schwbba.com” or “schwabd.com.”
Legitimate Communications
It’s important to know how financial institutions communicate. They do not send text alerts for completed transactions or use international phone numbers. If you ever receive a text that doesn’t follow these practices, it’s likely a scam.
What to Do If You Suspect Smishing
If you suspect you received a smishing text, take immediate action:
- Screenshot the Message: Capture the text and include the phone number in your screenshot.
- Forward It to your bank or financial institution.
- Delete the Message: Remove the text from your phone.
- Secure Your Account: Enable two-factor authentication and set up a verbal password for added security.
- Report Fraud: If you’ve entered your credentials on a suspicious website, report it immediately and run an anti-virus scan on your device.
Best Practices for Account Security
To minimize the risk of smishing, always be cautious with unsolicited text messages. Never click on links or attachments in messages you weren’t expecting, especially if they seem urgent. Instead, go directly to your financial institution’s website by typing the address into your browser. Also, verify the phone number in any messages you receive. If it looks unfamiliar or suspicious, it’s likely a scam.
Stay vigilant and protect your sensitive personal information from smishing and other phishing threats!
This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.