THERE are seven words you want to keep an eye out for in text messages to avoid having a run-in with a money-stealing scam.
The precaution is important because there were 230,407 reports which led to $372 million lost from text message scams in 2023.
Text scams were one of the top contributors to money lost due to fraud in 2023[/caption] Your bank or other businesses will never text you regarding sensitive information[/caption]The data comes from the Federal Trade Commission’s Consumer Sentinel database 2023 report.
Text scams show up as imposters pretending to be a real business such as your bank and request information from you.
They might add in an urgent request to catch your attention as well.
There could also be a link that redirects you to a page and requests for you to add your personal information.
The scammers can be tricky in the way they lure you in, which is why it’s more important than ever to stay aware.
Real businesses will usually never text you and directly ask you for your personal information and this is a red flag.
Your personal information is sensitive information that needs to be handled carefully and businesses are aware of this.
Here is a breakdown of scam words popping up in texts, according to security expert McAfee.
Scammers will include these words in messages that look very real which makes it easy to get confused.
These words may also show up in email or phone call scams.
The FTC said there were 358,428 reports of email scams which led to people losing $430 million in 2023.
There were also 297,765 reports of phone call scams, accounting for $850 million lost last year.
You’ll want to be on the lookout for these additional scam red flags.
This includes spelling and grammar mistakes or suspicious links and attachments, McAfee said.
Your bank may also include a disclosure on its website showing what a real text message would look like.
“Most of us probably avoid reading disclaimers and terms of service from brands and organizations,” McAfee said.
Americans are bombarded with three billion spam phone calls a month. What are the figures regarding the number of victims and the amount of money lost to fraudsters
“Paying attention to guidelines for how an organization will contact you will help you stay safe from scams.”
Chase Bank includes a “How to identify certain Chase shortcodes (text messages).”
If you believe a message seems suspicious, you should reach out to your bank directly.
“If you think a text message is suspicious, do not respond,” Chase said.
“Call us using the number on the back of your card or account statement.”