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Your Bank Will Never Text Message You: How to Spot a Scam

Cybercriminals look for any opportunity to exploit someone for financial gain. Recently, cybercriminals have been targeting business professionals in Dallas with a phishing scam using fake messages from a US bank. The scammers send fraudulent messages that appear to be from a reputable company or institution, often using a sense of urgency or distress to get the recipient to take action without thinking. If you receive any suspicious messages, do not respond or click on any links.

A managed service provider (MSP) in Dallas can help secure your business from these attacks with comprehensive security solutions. An MSP will also monitor your systems for any suspicious activity and can guide business professionals on how to protect your data best. As a business professional in Dallas, it's important to be aware of the latest scams to protect yourself and your company. Be sure to forward any suspicious messages to your IT department or security team for further investigation.

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Social Engineering Attacks on the Rise in Dallas

Cybercriminals understand the complexity of modern technology and the various ways to exploit it. They also know that people are often the weakest link in an organization's security. That's why social engineering attacks are on the rise in Dallas. Social engineering is a type of cyberattack that relies on human interaction to trick people into giving up confidential information or access to systems. These attacks are difficult to detect because they exploit psychological vulnerabilities instead of technical ones.

One of the most common social engineering attacks is phishing. Phishers send emails or text messages that appear to be from a legitimate source, such as a bank or credit card company. The message may say there's a problem with your account, and you need to click on a link to fix it. Or, you may be asked to reply with your account number and PIN. If you click on the link or reply with the requested information, you've just given the attacker access to your account.

You can protect yourself from social engineering attacks by being aware of them and knowing what to look for. Be suspicious of unsolicited text messages, phone calls, or emails asking for personal or financial information. Don't click on links or open attachments from unknown senders. If you're unsure whether a communication is legitimate, contact the company directly using a phone number or email address you know to be real.

You can also protect yourself by updating your devices with the latest security patches. Use strong passwords and don't reuse them across different accounts. Finally, ensure your backup systems are up to date so you can recover if your system is compromised.

Hiding Behind a Trusted Name

Cybercriminals understand that people are more likely to trust a message if it comes from a company or institution they know and rely on. That's why scammers often spoof the name of a bank or other trusted organization in their phishing messages. The goal is to trick you into thinking the message is legitimate, so you'll respond without thinking.

If you get a message that looks like it's from your bank, don't panic. Take a closer look before you do anything. Here are some things to watch for:

  • The message is addressed to "Dear Valued Customer" or something similar. A legitimate message from your bank would address you by name.
  • The message contains grammar or spelling errors.
  • The message asks you to click on a link or download an attachment. Your bank would never ask you to do this.
  • The message creates a sense of urgency or contains threats. For example, the message may say your account will be closed if you don't act now.

Here are the types of messages that you should be hesitant about trusting, even if they look like they're from your bank:

  • We regret to inform you that your account has been suspended due to suspicious activity. To restore your account, click here.
  • We've noticed some unusual activity on your account. To help us protect you, please click here to verify your identity.
  • Your account has been locked due to a security breach. Please click here to unlock your account.
  • We noticed you recently tried to send a payment. Please update your security information here if you did not make this transaction. 

Cybercriminals understand that these are the types of messages that can cause people to let their guard down. They also know that people are more likely to respond to a message if it creates a sense of urgency. These are all factors that play into why scammers are increasingly using fake bank messages as a way to defraud people in Dallas. Don't be a victim of this type of scam. Be aware of the red flags to look for and never give out your personal or financial information to someone you don't know.

What You Can Do to Protect Yourself From Bank Scams

Protecting yourself from bank scams doesn't have to be difficult, but it does require paying attention to the details. You can do several things to protect yourself from fake bank messages and other social engineering attacks. Some tips include:

  • Know who you're dealing with. If you receive a call, email, or text message from someone purporting to be your bank, do not reply without first confirming that the person is who they say they are.
  • Never give out personal information such as your Social Security Number, date of birth, or mother's maiden name in response to an unsolicited request, even if it appears to come from a trusted source.
  • Review your account statements and activity frequently to look for unauthorized transactions. If you are aware of your account activity, scammers will not be able to take advantage of you as easily.
  • If you receive a suspicious email or text message, do not reply. Delete it.

Awareness and education are critical in the fight against social engineering scams. While it is frightening to think that someone could so easily trick you out of your hard-earned money, you can protect yourself and your finances by following the tips above. Check before you click, and if you're unsure about a request for personal information, call to confirm it using a phone number you trust.

Let Velocity IT Help You Stay Ahead of the Scammers

If you believe you have been a victim of a scam, there are several steps you can take to protect yourself and your finances. First, contact your bank or credit card company and let them know what has happened. They will be able to cancel any fraudulent transactions and help you protect your account. Next, file a report with the Federal Trade Commission (FTC). The FTC collects complaints about companies, business practices, and scams. By filing a complaint, you can help the FTC investigate and take action against scammers.

You should also report the scam to the Internet Crime Complaint Center (IC3). The IC3 is a partnership between the FBI and the National White Collar Crime Center. They accept complaints about internet crimes, including scams. Finally, you can contact your local law enforcement agency. They may be able to help you stop the scammers and get your money back. If you have been a scam victim, don't be embarrassed. Scammers are good at what they do and target everyone, regardless of age, race, or gender. By taking action and reporting the scam, you can help protect yourself and others.

Velocity IT helps our clients by ensuring they have the tools and processes to mitigate and respond to security incidents effectively. Our team of experts can help you create an incident response plan tailored to your specific needs. Contact us today to learn more about how we can help you protect your business from scammers and other security threats.

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