Have you ever received a text that looks like it’s from your bank? It might say there’s suspicious activity on your account and urge you to act fast. Before you click or respond — pause. It could be a scam.
What’s Happening?
Bank imposter scams are becoming more common and more convincing. According to the Federal Trade Commission (FTC), consumers lost $12.5 billion to fraud in 2024, with imposter scams ranking as the second highest category of reported losses.
One of the most alarming trends? Bank impersonation scams sent via text messages. These scams surged nearly twentyfold between 2019 and 2022, making them the most reported text-based scam that year.
How These Scams Work
Scammers send messages that look like they’re from your bank’s fraud department. The texts often:
- Mimic real bank alerts
- Create urgency (“Your account is locked!”)
- Ask for sensitive info like your Social Security number, card details, or online banking password
Their goal? To get you to act quickly before you realize it’s a scam.
How to Protect Yourself
Here’s how to stay safe:
- Don’t rush: Scammers want you to panic. Take a moment to think before you respond.
- Don’t click links: Avoid clicking on links in unexpected messages. They could lead to fake websites designed to steal your info.
- Contact your bank directly: Use a trusted phone number to verify any suspicious messages.
- Report the scam: If you think you’ve been targeted, report it to the FTC at ReportFraud.ftc.gov.
The bottom line is if something feels off, trust your instincts. A quick pause could save you from a costly mistake.