October is Cybersecurity Awareness Month: Beware of Texting Scams

If you use your cell phone regularly, chances are you’ve received a text from an unknown number. Unfortunately, fraudulent text messages or “smishing” scams are becoming increasingly common. These scams aim to trick individuals into sharing personal, financial, or login information under the guise of legitimate communication.

According to the Federal Trade Commission (FTC), in 2024 alone, individuals reported over $470 million in losses to text messaging scams more than five times the 2020 total. And because many scams go unreported, the true figure is likely much higher.

The Top Five Reported Text Scams

The FTC estimates that about half of all text fraud falls into these five categories:

1.    Fake Package Delivery Problems

Messages pretending to be from the U.S. Postal Service or other delivery services claim there’s a delivery issue and prompt you to click a link to pay a small “redelivery fee.” The site looks official, but it’s designed to capture your payment or personal information.

2.    Phony Job Opportunities

These scams offer vague “work-from-home” tasks such as rating apps or products. Eventually, they ask for payment to continue or to “release” your earnings, money you’ll never see again.

3.    Fake Fraud Alerts

Texts that look like they’re from your bank or Amazon warn about “suspicious activity.” They may ask you to reply, call a number, or verify a transaction. Once you engage, the fraudster acts as a representative to gain access to your accounts and transfer funds.

4.    Unpaid Toll Notices

Fraudulent texts that appear to come from toll services such as EZPass, SunPass, or FasTrak claim you owe unpaid tolls. The link provided directs you to a site designed to steal your credit card number or Social Security information.

5.    “Wrong Number” Texts

Wrong number scams start with an out-of-the-blue message that looks innocent enough, it might just say “hello” or “do you want to get a coffee?” Once you respond politely, the scammer may attempt to build a relationship, often with romantic overtones, ultimately leading to requests for money or personal details.

Be Alert: Custodian Impersonation Scams

We’ve also seen an increase in fraudsters impersonating trusted custodians such as Charles Schwab and Fidelity. Remember:

• Custodians will only text you authentication codes for secure login.
• They will never ask you to click links, reply to messages, or share your verification codes.

If you receive an unexpected text claiming to be from a custodian, do not respond or click links, contact us or your custodian directly using a verified phone number.

How to Protect Yourself

1. Never click on links or respond to unexpected texts.
2. Report spam texts by forwarding them to 7726 (SPAM). This helps your carrier block future messages.
3. Report scams to the FTC at ReportFraud.ftc.gov.
4. Block unwanted messages using your phone’s settings 

You can find additional information about identifying and reporting scams at ftc.gov/scams and ftc.gov/textscams. 

Cybersecurity is a shared responsibility, and staying informed is your best defense. If you ever receive a suspicious text or email related to your accounts, please reach out to our team before taking any action. Protecting your personal and financial information remains our highest priority, and we’re always here to help you keep your accounts safe and secure.

Sources: “Top Text Scams of 2024,” Federal Trade Commission, April 14, 2025; “How to Recognize and Report Spam Text Messages,” Federal Trade Commission