Megan Brooks
Banks may use text messages to help protect accounts and provide convenient messages to customers. However, scammers have learned that sending a text claiming to be from a bank is a cheap, quick, and effective way to steal money. Bank text scams often claim that there has been suspicious activity on your account, such as unauthorized login attempts or unusual transactions, and urge you to click on a link to verify your identity or secure your account. It is important to know what a real text message from your bank might look like so you can distinguish it from a scam.
| Characteristics | Values |
|---|---|
| Purpose of texting | To help protect accounts and provide convenient messages to customers |
| Texting methods | Texts may include short codes, which are five- or six-digit codes that identify the sender |
| Texting variations | Communications can vary from institution to institution |
| Scam texts | Texts claiming to be from a bank are the most common type of text scam. Scam texts often create a sense of urgency, attempting to make you worry that you're going to lose money if you don't act immediately. They may ask you to click a link or respond "yes" or "no" to validate a charge. |
| Bank responses to scam texts | Banks recommend that you do not respond to scam texts. Instead, report them using the report spam prompts on your phone and then call your bank directly. |
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What You'll Learn
Banks may text about suspicious activity, but scammers do too
Banks may use text messages to help protect accounts and provide convenient messages to customers. Texts from your bank will often be urgent, asking you to verify your identity or authorise a transaction. However, scammers also send texts pretending to be from your bank. These texts will often claim that there has been suspicious activity on your account, such as an unauthorised login attempt or unusual transaction. They will urge you to click a link to verify your identity or secure your account. Clicking on the link may install malware on your device, allowing scammers to access your information and commit financial crimes.
Bank text scams have become increasingly common. In 2022, consumers reported 25,725 bank mobile alert text scams, up from 13,677 in 2021 and 2,231 in 2020. The true numbers are likely much higher as most consumers do not report scams to the government. Criminals have learned that sending a text claiming to be from a bank is a cheap, quick, and effective way to steal money.
It is important to know what a real text message from your bank looks like so you can distinguish it from a scam. Bank of America, for example, states that while they may send you a text to validate unusual activity, they will never contact you to request that you send money or share a code over the phone. City National Bank notes that if you are unsure whether a text message is legitimate, you can check for the "short code", which is a five- or six-digit code that displays to identify the sender of a text message. Text scams will also usually ask you to click a link or respond "yes" or "no" to validate a charge. If you are a City National client and you receive a text message from an unknown number, do not reply and contact the bank's fraud team.
To protect yourself from bank text scams, you should never provide your personal information or money to someone if you are not 100% certain of the source. Be cautious of any text requesting money or personal information, especially if it creates a sense of urgency. If you are unsure, exit the site and enter your bank's website directly to verify the page. You can also save your bank's official contact information in your phone so you can quickly reach them if you have any concerns.
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Scammers may pose as banks to steal your personal information
Banks may use text messages to help protect accounts and provide convenient messages to customers. However, scammers may also send text messages claiming to be from a bank. In 2022, consumers reported 25,725 bank mobile alert text scams, up from 13,677 in 2021 and 2,231 in 2020. The true numbers of bank text scams and losses are likely much higher because most consumers do not report scams to the government.
To avoid falling victim to these scams, it is important to verify your bank's contact methods and be cautious about unsolicited messages. Do not click on links in unsolicited messages or provide personal information unless you are certain you are dealing with your bank. If you are unsure, contact your bank directly using a phone number that you are familiar with, such as the number provided on your debit or credit card. You can also contact the FDIC to verify whether a website is legitimate. Additionally, be wary of messages that create a sense of urgency or ask you to ignore scam warnings. Remember, your bank will never ask you to move or withdraw money to protect yourself from fraud.
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Scams often ask you to click a link or reply 'yes' or 'no'
Banks may text you about suspicious activity on your account. Text messages from banks often serve the purpose of protecting accounts and providing convenient messages to customers. However, scammers also send text messages claiming to be from a bank. In 2022, consumers reported 25,725 bank mobile alert text scams, up from 13,677 in 2021 and 2,231 in 2020. The actual numbers are likely much higher because most consumers do not report scams to the government.
Scams often ask you to click a link or reply yes or no. Clicking on the link may install malware on your device, allowing scammers to access it and steal your information. They may also ask you to fill in your personal details on a form that looks like a legitimate bank form. Scammers may also ask you to reply "yes" or "no" to validate a charge. If you reply, they will know that your number is a cell phone number and they may text you again after a couple of weeks.
To protect yourself from scams, you should:
- Never provide your personal information or money to someone if you are not 100% certain of the source.
- Never ignore scam warnings, even if you're told to do so.
- Verify any requests for money through legitimate sources.
- Do not open unfamiliar links for payment or personal information.
- Be cautious about granting device access or downloading unfamiliar apps to fix issues.
- Run a full system virus and spyware scan and power off your device.
- Do your research. Be concerned if you are pressured to send a security deposit or make a payment without a background check or signing of a contract or lease.
- Stop and verify. While banks may send you a text to validate unusual activity, they will never contact you to request that you share a code over the phone or send money to anyone, including yourself.
- If you receive a suspicious message from an organization, go to your web browser and open a new tab. Then, go to the organization's website from your saved favorites or via a web search. Contact the organization using a phone number or website you know is real—not the information in the message.
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Banks may text for security, but never ask for sensitive info
Banks may use text messages to help protect accounts and provide convenient messages to customers. Text messages from banks can be a legitimate way to notify customers of suspicious activity on their account. However, it is important to be vigilant as scammers commonly pose as banks to defraud customers.
Bank text scams often mimic legitimate bank messages, claiming that there has been suspicious activity on your account or that there is an unauthorized login attempt or unusual transaction. They may also pretend to be a critical security update that needs to be installed or verified. These scam messages often urge you to click on a link to "verify" your identity or secure your account. Clicking on these links can install malware on your device, allowing scammers to access your information and commit financial crimes.
Banks may text you about security concerns, but they will never ask for sensitive personal or account information like passwords, PINs, or full Social Security numbers. They will also not ask you to move or withdraw money or pay anyone, including yourself. If you receive a text asking for this kind of information, it is likely a scam.
If you receive a suspicious text, do not respond, even to type "Stop" or "No." Instead, report the text using the report spam prompts on your phone and block the contact. Then, call your bank directly using the number on the back of your bank card or from its website to verify whether the text was legitimate.
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If unsure, call your bank directly to verify
Banks may use text messages to protect accounts and provide convenient messages to customers. However, scammers often send texts claiming to be from a bank. In 2022, consumers reported 25,725 bank mobile alert text scams, up from 13,677 in 2021 and 2,231 in 2020. The true numbers are likely much higher as most consumers do not report scams to the government.
If you receive a suspicious text, it is recommended that you do not respond and contact the bank's fraud team directly. You can do this by calling the number on the back of your bank card or on your account statement. It is important to verify the bank's contact methods to understand what to expect from them. For example, some banks send text messages for authentication and security purposes, such as verifying your identity or authorising a transaction. They may also send marketing and event messages that you have opted into.
If you receive a suspicious text, do not click on any links or respond. Scammers may send texts claiming that there has been suspicious activity on your account or an unauthorized login attempt. They will often urge you to click on a link to "verify" your identity or secure your account. They may also ask for personal details such as your account number, PIN, or online banking credentials. Your bank will never ask you to share a code over the phone or send them or anyone else money.
If you are unsure about a text message, call your bank directly to verify. Do not reply to the text message or call the number provided in the message. Instead, look up the official contact information for your bank and contact them using that information. You can usually find this information on the back of your bank card or on the bank's website. It is important to remain vigilant and protect yourself from potential scams.
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Frequently asked questions
If you receive a suspicious text from your bank, do not reply. Contact the bank's fraud team directly using the number on the back of your bank card or on their website.
Banks may use text messages to help protect accounts and provide customers with convenient messages. However, scammers often send texts claiming to be from a bank. To avoid scams, it's important to know how your bank communicates with you. If you receive a text with a link or attachment, do not click on it. If the text asks you to share personal information, it is likely a scam.
Report scam texts using the report spam prompts on your phone and block the contact. You should also report the fraud to the financial institution and the Federal Trade Commission (FTC).
Texts from scammers often urge you to act immediately, creating a sense of urgency. They may also ask you to verify your identity by providing personal information or downloading software. Scammers may also spoof phone numbers, so even if the caller ID says it's your bank, it could be a scam.
