SMiShing: Beware of Text Message Scams - 1st Source

You’re in the middle of your day when your phone buzzes. It’s a text from your bank. The message says there’s an issue with your account, urging you to click a link to “verify your information immediately.” Your heart skips a beat. Is your money at risk?

This situation is exactly what scammers count on. It’s called SMiShing, a sneaky form of phishing where scammers use text messages to trick you into giving up your personal information. As these scams become more convincing, you need to know how to spot the warning signs before it’s too late.

In this guide, we’ll break down how SMiShing works, the tricks scammers use, and the steps you can take to keep your sensitive information safe. Let’s dive in so you’re ready the next time a suspicious text pops up.

What is SMiShing?

SMiShing is short for “SMS phishing.”  (SMS is a tech term for text messaging.)  SMiShing is a type of phishing attack that uses text messages instead of email to deceive victims. Cybercriminals send fraudulent messages that appear to come from legitimate sources like banks, government agencies, or online services, all with the goal of tricking you into clicking malicious links or providing personal information such as passwords or credit card details.

Like traditional phishing scams, SMiShing aims to steal your sensitive information by exploiting your trust. The messages often claim that you need to verify your account, pay an overdue bill, or respond to some urgent situation.

The real danger of SMiShing lies in its subtlety—because we’re so accustomed to receiving texts from our banks, phone providers, or even delivery services, it’s easy to overlook the telltale signs of fraud in a text.

How SMiShing Scams Work

  1. The Hook: The scammer sends a message that seems to come from a trusted source, often using official-sounding language and even spoofing real phone numbers to make the message appear legitimate. A typical SMiShing message might say something like: “Your bank account has been locked. Click this link to restore access immediately.”
  2. The Click: The message usually contains a link or a phone number. If you click the link, you’re taken to a fake website that looks exactly like your bank’s site. You’ll be asked to log in, and once you do, your credentials are immediately stolen. Alternatively, if you call the provided number, you may be asked for sensitive information like your account or credit card details.
  3. The Outcome: Once scammers have your information, they can empty your bank accounts, make unauthorized purchases, or steal your identity. Worse still, they may sell your details to other criminals on the dark web.

Common SMiShing Tactics

SMiShing attacks often use fear, urgency, and authority to manipulate you into acting quickly. Here are some common tactics you may encounter:

  • Fake Alerts from Your Bank: Scammers send messages claiming there’s been suspicious activity on your account. The urgency of the message makes people act without thinking.
  • Delivery Notifications: Another common tactic is a message claiming you have a package waiting to be delivered, with a link to “track your order.” This can be particularly effective around holidays when many people are expecting deliveries.
  • Tax Refund or Government Payment: Messages might claim you’re owed a refund from the government or need to update your information for a stimulus payment, tricking you into providing personal details.
  • Promotions and Gift Offers: Scammers also use fake promotions, telling you you’ve won a prize or offering a fake coupon. Clicking the link could install malware on your phone or redirect you to a site asking for your financial details.

How to Recognize SMiShing Scams

Spotting SMiShing scams can be tricky, but there are several red flags to watch out for:

  • Unsolicited Messages: If you weren’t expecting a message from your bank or service provider, be wary. Most legitimate organizations will never ask for sensitive information through text.
  • Generic Greetings: SMiShing messages often lack personal details like your name. Instead, they use generic greetings like “Dear Customer” or don’t include your name.
  • Urgent or Threatening Language: Scammers try to create panic by telling you there’s an urgent issue with your account that needs immediate attention. Legitimate organizations typically won’t rush you to take action.
  • Suspicious Links or Attachments: Any unsolicited text with a link should raise suspicion. Before clicking, always double-check the URL or search for the official website through your browser.

How to Protect Yourself from SMiShing

Protecting yourself from SMiShing doesn’t require technical expertise—just a little vigilance and common sense. Here are some essential steps to keep in mind:

  1. Don’t Click on Links in Unsolicited Texts: If you receive an unexpected text message from your bank, delivery service, or any other institution, don’t click on the link directly. Instead, go to the official website by typing the URL into your browser or contact the company through their official customer service number. If you’re a 1st Source Bank customer, reach out to us here.
  2. Verify the Sender: Always double-check the message’s sender. Scammers often spoof legitimate phone numbers to make the message seem authentic. If you’re unsure whether the text is real, call your bank or service provider directly using their official contact information.
  3. Enable Two-Factor Authentication (2FA): Activate two-factor authentication on all accounts that offer it. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your phone, to access your accounts.
  4. Use Security Software: Install security apps that provide malware protection and anti-phishing features. Some apps can detect and block fraudulent messages before they even reach your inbox.
  5. Be Skeptical of “Too Good to Be True” Offers: If you receive a message offering unbelievable deals or claiming you’ve won a prize, think twice before clicking the link. Scammers often prey on people’s excitement to get them to act quickly.
  6. Report SMiShing Attempts: If you receive a suspicious text, report it to your bank or service provider. In the U.S., you can forward SMiShing texts to 7726 (SPAM) to report them to your mobile carrier.

What to Do If You’ve Fallen Victim to SMiShing

If you’ve clicked on a SMiShing link or provided your information to a scammer, don’t panic—there are steps you can take to minimize the damage:

  1. Contact Your Bank Immediately: Let your bank or credit card company know what happened. They can freeze your account or issue new cards to prevent unauthorized access.  If you’re a 1st Source client, Report fraud here and have your accounts locked or monitored for suspicious activity.
  2. Change Your Passwords: If you gave away login details, change the passwords to your online banking and other accounts as soon as possible. Make sure to create strong, unique passwords for each account.
  3. Monitor Your Accounts: Keep a close eye on your bank and credit card statements for any unauthorized transactions. Report anything suspicious right away.
  4. Report the Scam: In addition to informing your bank, report the scam to the Federal Trade Commission (FTC) or your country’s equivalent authority. This can help prevent others from falling victim to the same scheme.

Conclusion

SMiShing scams are on the rise, but you can protect yourself from falling victim. Always be skeptical of unsolicited messages, especially those that ask for personal information or encourage you to act quickly. By taking simple precautions like verifying senders and avoiding suspicious links, you can safeguard your sensitive information and keep your finances secure.

Your phone is an essential part of your daily life, but it’s also a target for cybercriminals. Make sure that you don’t fall for their tricks—protect yourself, stay alert, and always think twice before clicking that link.

1st Source Bank clients can contact us if you have any questions or concerns.  Or click here for more info on our security procedures and tips.