Be Aware of Text Scams

Using mobile phones and online banking channels to manage our bank accounts and various forms of digital payments is certainly convenient. Unfortunately, scammers think so, too. One way in which scammers take advantage of our reliance on the use of our mobile phones is through text scams, also called Smishing. 

What is Smishing?

Smishing occurs when a scammer sends a text message to an intended victim pretending to be a bank or credit card company attempting to trick the victim into divulging sensitive information like online banking passwords, or other personal banking details.

These scammers are pretty clever, and they do several things that make their smishing messages seem legitimate:

• They may purchase a domain name that looks similar to the website address of the company whose customers or members they are targeting.
• They may direct victims to a site that looks similar to the website of the company whose customers or members they are targeting. They do this by copying branding from the original site.
• Smishing text messages are often crafted in a way that makes the victim feel like they need to act urgently. They may say something like “Your account has been deactivated, click here to reinstate your account.”

What can you do to protect yourself from scammers?

• Think before you click! If you receive a message that you weren’t expecting and it says it’s from your financial institution, it may be malicious.
• Never provide personal information, including your online banking username and password, in response to an unexpected text message. In fact, WECU will never send you a text message with a link that asks you to input your online banking credentials.
• If you believe that you may have fallen victim to a smishing attack, or any other type of attack targeting your banking information, contact WECU as soon as possible.

For more information about fraud prevention and other scams visit our Security page.