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Scammers are getting more sophisticated in their attempts to steal personal and financial information. One of the most common ways fraudsters target people is through phone calls and text messages. Financial fraud via phone or text, also known as “smishing” (SMS phishing) or “vishing” (voice phishing), involves criminals pretending to be from trusted institutions, like your bank, a government agency, or a tech company, to trick you into revealing sensitive information or transferring money.
Whether it's a fake bank alert or a phony prize notification, these schemes can be convincing and costly. Here's what you need to know to protect yourself:
Scammers use pressure tactics and emotional manipulation to trick you into reacting before you have time to realize that something doesn't seem right. Some warning signs to watch for include urgent language or texts, demands to transfer money immediately or send gift cards, and requests for sensitive information. Legitimate companies won't ask for personal account information such as full account numbers, social security numbers or passwords.
Common scams include:
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Fake fraud alerts: “Your account has been compromised. Call this number immediately.”
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Prize or lottery scams: “You’ve won $1,000! Click the link to claim your prize.”
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Tech support scams: “Your device has a virus. We can fix it, just give us remote access.”
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Urgent requests from ‘loved ones’: “Mom, it’s me. I lost my wallet and need money fast.”
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Toll booth alerts: "We've noticed an outstanding balance. To prevent a late fee please visit (link) to settle your invoice."
It is important to remember that, when it comes to scams, seeing is not always believing. Fraudsters will commonly use links and phone numbers similar to official websites but with subtle misspellings or unusual domains. Scammers also can fake caller ID information, so that call that appears to be coming from the "IRS", probably isn't.
How can you protect yourself from vishing and smishing fraud?
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Don’t respond to unknown texts or calls. Let unknown calls go to voicemail and verify suspicious texts with the organization directly using a known number.
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Never click on suspicious links. Especially from unsolicited texts or emails. Always type in a web address manually if you’re unsure.
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Use multi-factor authentication. Adding extra security layers to your accounts can prevent unauthorized access.
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Report and block suspicious messages. Most smartphones allow you to report spam texts and block unwanted callers.
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Stay informed. Regularly check your financial statements and credit reports for unusual activity.
If you fall victim to fraud, it's crucial to act quickly. Begin by contacting your financial institution immediately to alert them to the situation. Close any accounts that you believe have been tampered with or fraudulently opened, and reach out to the security or fraud departments of each company or institution involved.
Be sure to follow up in writing and include copies of any supporting documents. Written notification is especially important when dealing with credit card companies and financial institutions. Send your letters by certified mail with return receipt requested so you can confirm when and what the company received. Always keep copies of all correspondence and attachments for your records.
In addition to notifying your bank and creditors, report any suspicious contacts to the Federal Trade Commission (FTC) either online at www.ftc.gov or by calling 1-877-IDTHEFT (1-877-438-4338). You should also check with your state Attorney General's office to see if state law requires police to take reports for identity theft; you can find their contact information online at www.naag.org.
If possible, file a report with your local police department or with law enforcement in the area where the identity theft occurred. Ask for a copy of the report or the report number, as this documentation may be needed by creditors as proof of the crime. If police are unwilling to take a report, request to file a "Miscellaneous Incidents" report instead.
If you have disclosed sensitive personal information during a phishing attack, contact one of the three major credit bureaus to discuss placing a fraud alert on your credit file. This alert helps protect you by making it more difficult for identity thieves to open new accounts in your name.
In conclusion, scammers rely on fear, urgency, and your trust. By staying calm, skeptical, and informed, you can avoid falling victim to their traps. When in doubt, hang up, don’t click, and verify directly with the source.
For additional information about online scams and cybersecurity visit our website: https://www.myunionstate.bank/services/mobile-and-online-banking/online-security-tips
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