The Rise of SMISHING: A Mobile Scam Epidemic
In today’s digital age, our smartphones have become indispensable tools for managing daily life. However, this convenience comes with a significant risk: increased vulnerability to scams. According to the FBI, online scams raked in $16 billion in 2024, marking a 33% surge from the previous year. “For scammers, this is a full-time job,” warns Chris Blackmore, TD Senior Manager of Customer Education. “And they’re constantly evolving with new technology.”
The good news is that armed with knowledge and a healthy dose of skepticism, you can significantly reduce your risk of falling prey to these scams. One of the most prevalent mobile scams today is SMISHING. But what exactly is SMISHING, and how can you protect yourself?
Understanding SMISHING
If you’ve ever received a suspicious text message, you’ve likely encountered SMISHING. “In this type of scam, fraudsters send text messages pretending to be trusted organizations—like a bank, government agency, or delivery service—to trick you into sharing personal information or clicking a dangerous link,” explains Lindsey Federer, TD Fraud Management Strategist. The danger lies in our constant connectivity; the more we’re on our phones, the more likely we are to click on something we shouldn’t.
Protecting Yourself from SMISHING
So, what can you do when you receive an unexpected text? Here are some crucial steps:
- Check the sender’s ID: Verify that the ID or phone number is familiar and associated with a legitimate organization. While large organizations often use 5- or 6-digit short codes for texting, be aware that scammers can fake these too.
- Don’t share personal information: Legitimate organizations will never ask for sensitive information like your Social Security number, passwords, or account details via text, phone, or email. If they do, it’s a red flag.
- Avoid clicking links in unsolicited texts: These links often lead to fake websites designed to steal your information or download malware onto your phone. Instead, open your browser and type the company’s web address directly.
- Turn on spam filtering: Most mobile carriers and smartphones offer spam filtering features to block suspicious messages. If you believe a text is a scam, block and report it as spam.
- Practice the pause: Take a moment to think about who the message is from, how they’re contacting you, and what they’re asking for. Slowing down can help you think instead of react.
What to Do If You’re a Victim of SMISHING
If you think you’ve fallen for a SMISHING scam, act quickly:
- Stop communication with the scammer. Don’t reply, even to say “stop.”
- Report the message to the organization, your mobile carrier, and the appropriate authorities.
- Check your bank accounts for unauthorized transactions and report any suspicious activity.
- Change passwords for affected accounts, especially if you’ve clicked a link or shared information.
- Monitor your credit for signs of identity theft.
By staying alert and understanding how these scams work, you can protect yourself and your loved ones from falling victim. As Chris Blackmore advises, “The tools and information you need to stay safe are out there. By understanding how these scams work, you can put the power back in your hands.”
For more information on protecting yourself from fraud and scams, visit TD.com/FraudPrevention. You can also explore the Learning Center on TD Bank’s website for more personal finance topics.
