How to Avoid Phishing and Smishing Scams

According to the 2023 Consumer Sentinel Network Data Book published by the Federal Trade Commission (FTC), Americans reported losing more than $10 billion to scams in 2023. With scams on the rise, we at SharePoint Credit Union want to inform you about common phishing and smishing scams you may encounter, how to spot them, and how to protect yourself against them.

What Are Phishing and Smishing Scams?

Phishing is a common fraud tactic used by scammers to steal passwords, account numbers, and other information. You’ve likely encountered it before. A scammer will send you an email or text, usually posing as a well-known company, such as a streaming service, credit card company, or utility provider. The message will include a malicious link inviting you to update your personal or payment information due to a supposed error with your account. The message may also contain an attachment that, if opened, will download malware onto your device.
When this scam is carried out through text messages, it’s referred to as “smishing.” Most people are more likely to click a link in a text versus an email. It’s also more difficult to spot a malicious link on a cell phone because you can’t hover over it with your mouse to view the URL. Scammers are taking advantage of these facts by ramping up smishing attacks.

Signs of Phishing Scams

• Spelling, Grammar, and Punctuation Mistakes: Many phishing and smishing messages contain apparent typos, such as missing spaces and misspelled words. While they may seem accidental, they are most likely intentional. Scammers try to weed out people who pay careful attention to details because they know those people won’t fall for the scam. So, watch out for any obvious writing mistakes in your inboxes.
• Vague and Generic Messages: Most scams won’t mention your name or provide any useful information. That’s because scammers will send these messages to a massive audience, so they can’t be too specific with what they say. They also leave their messages intentionally vague so that you will click a link or open an attachment to learn more.
• Requests for Sensitive Information: While legitimate companies will contact you through email or text, they won’t send you a link to enter sensitive information such as credit card numbers and other payment details.

Common Phishing Claims

• Suspicious Account Activity: Scammers might claim they’ve noticed suspicious log-in attempts or other activity on your account, then ask you to confirm your account by entering personal information such as your username and password.
• Payment Problems: Scammers often claim there was a problem processing your billing information, and that you may be charged an extra fee if you don’t update your payment details such as your credit card or checking account number.
• Package Delivery Issues: A growing smishing tactic sees the scammer posing as USPS, FedEx, or UPS. Their message will say that there was a problem delivering your package, or that it’s being held in a warehouse until you update your delivery preferences. They will then ask you to click a link to update your personal information or payment details.

How to Guard Against Phishing and Smishing Attacks

• Never Click Links or Open Attachments from Suspicious Messages: If you’re unsure of a message’s legitimacy, contact the company directly using a phone number or email address you know is correct. Visit their official website and use the contact information listed there.
• Use Antivirus Software and Keep Your Devices Updated: Security programs and system updates protect your devices from scams and malware.
• Report Scams: If you think you’ve given away sensitive information to a scammer, report it to identitytheft.gov and any relevant companies, such as your credit union. You should also report scams to the FTC.

Contact SharePoint Credit Union

SharePoint Credit Union takes the safety and security of our members seriously. We employ strong security measures to protect your financial and personal information, including text message alerts for account-based activity. Visit our Financial Wellness hub for more information on avoiding phishing and smishing scams and contact us today to become a member.
 

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