- Financial Wellness
- Fraud & Scams
Protect Yourself From “Wrong Number” Text Scams
Most of us have probably received an unexpected text message from a number we don’t know.
It could just be a wrong number, or maybe someone claiming to know you through a mutual acquaintance. But what happens when that unexpected message turns into something more and puts your financial information at risk?
A growing scam tactic involves “wrong number” texts and other unsolicited messages received through social media. Usually, it will begin with a message that seems innocent enough, like asking “How are you?” or “Are you coming for dinner tonight?” If you respond, they may try to continue the conversation and seem very interested in asking questions about your life. If you get a text like this and don’t know the sender, it’s usually best to ignore and block the number. The person behind the message may not be who they claim to be and could have harmful intentions. Engaging with these messages can lead to financial scams.
Scammers often portray themselves as young woman, and they will work to become friends or even form a romantic relationship with the recipient. They may also use artificial intelligence to create pictures, voice clips, and short videos to help convince you of their fake identity.
Once a relationship is established, the conversation may turn to finances and investments. The scammer may claim to have “can’t miss” opportunities with guaranteed returns, often involving cryptocurrencies. Because cryptocurrencies can be volatile and complex, it’s easier for scammers to build a convincing narrative using false and misleading claims and fabricated figures to make these investments seem legitimate.
The scammer will often portray themselves as living a wealthy lifestyle due to their investment success. They may also direct the recipient to a link or website to deposit funds for the investment. The website may even include fake graphs and charts outlining investment growth. In reality, the website and investments are fraudulent.
These scams can continue for months, with victims investing more and more money into what they believe is a legitimate opportunity. If the victim ever tries to withdraw money, the scammer will provide excuses why they cannot, such as a large tax burden or the missed opportunity of future gains.
Investments are just one way these wrong number scams can lead to financial loss. Scammers may also ask for money or bank account access in other ways. After building trust, they may claim to have experienced a tragedy or emergency and ask for financial help. In other cases, they may say they have money or a check that needs to be deposited into the victim’s account for some reason, instead of their own.
Scammers may also attempt to gain access to the victim’s bank account by convincing them to share usernames, passwords, multifactor authentication codes, or other personal information. Once they get this, the information can be used to take over the victim’s online account allowing them to transfer funds, change contact information, apply for loans, or mobile deposit fraudulent checks.
What begins as a seemingly innocent wrong number text can lead to victims losing thousands of dollars, either in a matter of days or over the course of several months.
Avoid these scams by following these best practices:
- Don’t engage with unsolicited texts. If you receive an unexpected text from an unknown number, the best practice is to ignore it and block it. Even responding lets the scammers know your number is active and could open it up for future scam texts and calls. Scam texts can be reported to your phone provider by forwarding the message to 7726 (SPAM).
- Do not click on links from unknown people via text or email. This is good practice on your computer and your phone. Suspicious links can lead to the installation of malware or spyware. They can also lead to fake banking portals where victims enter personal information or send money.
- Do not provide any personal information via text message. The more information a scammer has about you, the easier it is for them to gain access to your accounts and money. The same is true for multifactor authentication codes. These codes are often the key to accessing your accounts, so never share them with anyone.
- Do not discuss money, finances, bank accounts, or investments with strangers on the internet, via text, or on messaging apps. A good rule of thumb is to never send money or get involved financially with a person you’ve never physically met before.
