Commission analysis reveals fake bank fraud warnings as the most common.
The Federal Trade Commission (FTC) has announced the findings of recent analysis of text message scams. In the past year, bank fraud warnings, with scammers impersonating well-known companies, lead the list of five ranked types of deceptive messages that trick consumers. In 2022, consumers reported losses of approximately $330 million to text message scams, which is more than double the number reported in 2021.
The FTC examined a random but common type of scam involving fake bank security messages, that look like they are from major banks such as Bank of America and Wells Fargo. The texts contain urgent messages asking recipients to verify a large transaction they did not initiate. Those who respond are immediately connected to a fake bank representative. Following these bank impersonations, the next most commonly reported text scam were messages claiming to offer a free gift, typically from a cell phone carrier or retailer. This analysis is intended to provide consumers with guidance on how to identify text message scams and report them to their cell phone providers, device manufacturers, and the FTC.
As the Lord Leads, Pray with Us…
- For Chair Lina Khan and the commissioners of the FTC as they seek to inform the public regarding text message scams.
- For Director Samuel Levine as he heads the FTC’s Bureau of Consumer Protection.
- For U.S. officials who are working to protect the American people from fraud.
Sources: Federal Trade Commission
