Text scams continue to rise in 2025
FTC: False bank alerts were a top five scam in 2024
(InvestigateTV) — The Federal Trade Commission (FTC) reported that Americans lost $470 million in 2024 to text scams, highlighting the rapid increase in this type of con.
One popular text scam fraudsters use, according to the FTC, is pretending to represent a bank or credit union.
Cherry Dale, the vice president of financial education at Virginia Credit Union said the criminals are getting good at texting language that appears legitimate. She said any calls, emails, or texts from financial institutions should only be met with skepticism.
“To make sure what is coming through is legitimate,” Dale cautioned. “Keep in mind your financial institution is going to have your personal information so, when you’re calling in directly to them, they might ask for some verification, but you know with that secured number you are speaking to your financial institution.”
She said don’t call a number from a text or email. Call the number on the back of your physical credit card or debt card.
“Be suspicious of everything,” she urged, “and they play on your emotions. So, if you automatically have an emotional response to communication then take a step back, don’t automatically click on that link or anything, though do what I said, call your financial institution.”
She said calling and double checking should be the norm now. Or go to the online banking site to suspicious charges before believing an unsolicited email or text.
If suspicious activity if found, lock the debt or credit card right away. If the appears to be compromised, again, call the financial institution directly.
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