A recent text message went out to some saying it was from Schwab telling the recipient to click on a link in the text to verify their account.
That text was in fact a SCAM called Smishing.
We encourage you to read our blog from December 2024, Which “ishing” is it?
Identity thieves are getting more and more creative. You must continue to be aware to protect yourself.
Here are some general facts to keep in mind when receiving text messages:
1) Social Security Administration (SSA): The Social Security Administration (SSA) generally will not send text messages with links to click on. The SSA has stated that they will never ask for personal or financial information via text, email, or phone. If you receive a text message claiming to be from the SSA and it includes a link, it is likely a scam.
Here's why you should be cautious:
· Scammers impersonate the SSA:
Scammers often create fake texts, emails, and phone calls to steal personal information.
· No sensitive information via text:
The SSA will not ask for your Social Security number, bank account details, or other sensitive information through text messages, according to the SSA.
If the SSA sends a link in a text message, it will always lead to a secure, official SSA.gov webpage.
· Be wary of unsolicited messages:
If you didn't initiate the contact with the SSA, be extra cautious of any messages you receive, says the NJCCIC.
If you receive a suspicious message, you can report it to the SSA Office of the Inspector General.
What to do if you receive a suspicious text:
- Don't click the link: Avoid clicking on any links in the message.
- Don't respond to the text: Do not reply to the message, even to say you are not interested.
- Verify with the SSA directly: If you are concerned about a message you received, go directly to the SSA website or call the SSA's official phone number to verify its authenticity, says the SSA.
- Report the scam: If you believe you have been targeted by a scam, report it to the SSA Office of the Inspector General.
2) Internal Revenue Service (IRS): The IRS does not send unsolicited text messages with links to click on.
Here's why and what to do if you receive such a message:
- It's likely a scam (smishing): Criminals often use fake IRS text messages (called "smishing" scams) to try and steal personal and financial information from taxpayers.
- The IRS's initial contact is usually by mail: The IRS typically initiates contact with taxpayers by sending a letter through the U.S. Postal Service.
- Don't click the link or reply: Unsolicited texts claiming to be from the IRS and containing links are fraudulent. Do not click on the link, as it could lead to malware or a fraudulent website designed to steal your information.
- Report the message: Forward the message to phishing@irs.gov. Include both the Caller ID and the message body in your email or forward a screenshot if you are unable to copy the message.
In summary, be very cautious of any text messages claiming to be from the IRS which request you to click on a link. The IRS does not operate this way, and such messages are almost unquestionably scams.
3) Investment Custodians: Schwab, Altruist and many more: Legitimate investment custodians are unlikely to send text messages with links to click on, especially for urgent requests for information or verification.
Reasons for this include:
· Security Risks: Links in text messages can be easily exploited by scammers for phishing or malware distribution.
· Avoiding Sensitive Information Requests: Financial institutions will never ask for sensitive data like account numbers or passwords via text.
· Verification Methods: Legitimate texts from banks often come from numbers that are short codes or official numbers and won't involve links that could lead to fraudulent websites.
If you receive a suspicious text message claiming to be from your investment custodian:
· Do not click on any links:
· Do not respond to the message:
· Contact our office directly: Use our official website or call us at 317-882-7675.
· Report the suspected scam: You can report it to the FTC or your mobile carrier.
Be aware of red flags of text scams:
· Unsolicited messages: Be cautious of unexpected texts, especially those mentioning investment opportunities.
· Sense of urgency: Scammers often create a false sense of urgency to pressure you into acting quickly.
· Misspellings and grammatical errors: These are common signs of fraud.
· Requests for personal information: Never provide sensitive details over text.
· Links in the message: Treat any link in an unexpected text with extreme caution.
By being vigilant and following safe practices, you can better protect yourself from potential scams.
Trust your gut if something seems suspicious. Never be scared to question the legitimacy of these messages and reach out to our team if we can help!
Your Team at Financial Plans & Strategies.