New York, April 6 (V7N) – In today's digital world, many investors use mobile devices to manage their financial accounts, making quick investments from nearly anywhere with phone service or Wi-Fi. However, this convenience comes with risks, as scammers are exploiting mobile technology to steal data and wealth from investors.

One common scam used is called "smishing," which combines the tactics of phishing and SMS (text messaging). Smishing involves sending fraudulent text messages designed to manipulate people into clicking on malicious links or sharing personal information. While smishing isn’t a new scam, a recent twist involves scammers asking targets to respond to messages to bypass security measures that prevent harmful links from being activated.

How Smishing Works

In a typical smishing attack, scammers send a text that pressures the target to act quickly, often warning them of an urgent issue or promising a desirable outcome. Since text messages don't allow users to hover over links to preview their destination, identifying these harmful links is harder than in email phishing attacks. Smishing attacks are growing because people may be more likely to click on links in text messages than emails. Scammers often hide their identities by using disposable cell phones or spoofing phone numbers.

Although tech companies have implemented solutions to protect users from malicious links, scammers have adapted by asking targets to take additional steps to activate the links. Clicking on these links can result in the theft of personal data or the download of harmful software onto the victim's device.

How to Protect Yourself from Smishing

  1. Enable Multi-Factor Authentication (MFA): This adds an extra layer of security to your accounts, making it harder for attackers to gain access with just a password.

  2. Be Cautious with Texts from Unknown Numbers: Avoid responding to unsolicited messages from unfamiliar numbers. Consider deleting these messages without opening them, blocking the sender, and reporting them as spam.

  3. Pause Before Responding: Smishing attempts often demand immediate action. Take time to carefully review unsolicited messages before responding.

  4. Verify Requests Independently: Contact companies or institutions directly using official contact information to verify any requests, rather than responding to messages.

  5. Avoid Sharing Sensitive Info via Text: Never send passwords or account numbers through text messages.

  6. Don't Store Sensitive Info on Your Phone: Avoid saving confidential information on your mobile device, as it can be compromised if your phone is hacked.

  7. Activate Text Message Filters: Turn on features that block or filter messages from unknown senders to reduce the risk of smishing.

What to Do If You Suspect a Smishing Attack

If you suspect that a smishing attack was successful and compromised your device, here are some steps to take:

  1. Report to Your Carrier: Contact your mobile provider and report the suspicious activity.

  2. Change Passwords: Use a different device to update the passwords for any affected accounts.

  3. Report to Authorities: Notify the Federal Trade Commission (FTC) and law enforcement.

  4. Monitor Accounts: Lock or freeze your financial accounts and watch for unusual activity.

  5. Place a Fraud Alert: Set up a fraud alert with the credit bureaus to prevent further issues.

  6. Keep a Record: Document all the actions you take to address the situation.

If you think you've been a victim of investment fraud, you can file a regulatory tip with the Financial Industry Regulatory Authority (FINRA).

Protecting yourself from smishing attacks is essential to safeguarding your personal and financial information in today’s mobile-driven world.

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