How to avoid the No. 1 text message scam putting your money at risk
Bank impersonations are the top reported type of text message scam
The Federal Trade Commission recently revealed the most reported text message scam: bank impersonations.
Reports of bank impersonations by text in 2022 jumped to 20 times the number reported in 2019. According to the FTC, consumers reported a loss of more than $330 million to text message scams in 2022. And cash that’s lost because of bank fraud or scams isn’t covered by the Federal Deposit Insurance Corp. or National Credit Union Administration.
Banks are a safe place to keep your money, but there are still a few basic but important precautions you can take to ensure you don’t fall for a bank-impersonation text scam. Here’s how to protect your money from text message scams impersonating your financial institution.
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