In-depth

What is 'Smishing'

Experts warn of mobile-based banking scam

Credit card scam

Security experts warned people about a spate of banking scams in which hackers send texts to phones in an attempt to steal money. Known as 'smishing' -­ a combination of phishing and SMS -­ these scams try to trick users with messages that appear to be legitimate alerts from banks.

Advertisement - Article continues below

Worryingly, criminals are getting much better at making these messages look genuine. They send you messages in the same conversation 'thread' that your bank uses, making it very hard to tell what's real. A popular tactic of scammers is to send warnings about 'suspicious' or 'usual' activity in users' accounts. These messages emphasise how important it is that the victim takes action immediately, normally by transferring their money into a new account.

Often this threat appears serious enough to persuade people to click links or ring numbers, where the criminals are waiting to steal their password and other personal information. Unsurprisingly, the hackers are chiefly targeting older people, because they are likely to have a bigger pot of savings to steal.

What should you do?

It's vital to be highly vigilant when banking via your phone, particularly because banks may not give you back any money that's stolen (read how Santander refused one victim's request here). You should be very suspicious about clicking any link in a text message from your bank.

Advertisement
Advertisement - Article continues below

Banks say they will never ask for your password and other log­in details by phone or email, nor will they ask you to transfer money into a new account. If you're unsure, phone your bank. You can find their number quickly at www.pleasepress1.com.

Featured Resources

Top 5 challenges of migrating applications to the cloud

Explore how VMware Cloud on AWS helps to address common cloud migration challenges

Download now

3 reasons why now is the time to rethink your network

Changing requirements call for new solutions

Download now

All-flash buyer’s guide

Tips for evaluating Solid-State Arrays

Download now

Enabling enterprise machine and deep learning with intelligent storage

The power of AI can only be realised through efficient and performant delivery of data

Download now
Advertisement

Recommended

Visit/security/355013/10-quick-tips-to-identifying-phishing-emails
Security

10 quick tips to identifying phishing emails

16 Mar 2020
Visit/business-strategy/mergers-and-acquisitions/354941/panda-security-to-be-acquired-by-watchguard
mergers and acquisitions

Panda Security to be acquired by WatchGuard

9 Mar 2020
Visit/security/internet-security/354417/avast-and-avg-extensions-pulled-from-chrome
internet security

Avast and AVG extensions pulled from Chrome

19 Dec 2019
Visit/security/354156/google-confirms-android-cameras-can-be-hijacked-to-spy-on-you
Security

Google confirms Android cameras can be hijacked to spy on you

20 Nov 2019

Most Popular

Visit/infrastructure/server-storage/355118/hpe-warns-of-critical-bug-that-destroys-ssds-after-40000-hours
Server & storage

HPE warns of 'critical' bug that destroys SSDs after 40,000 hours

26 Mar 2020
Visit/software/video-conferencing/355138/zoom-beaming-ios-user-data-to-facebook-for-targeted-ads
video conferencing

Zoom beams iOS user data to Facebook for targeted ads

27 Mar 2020
Visit/software/355113/companies-offering-free-software-to-fight-covid-19
Software

These are the companies offering free software during the coronavirus crisis

25 Mar 2020
Visit/mobile/mobile-phones/355088/apple-lifts-iphone-purchase-restrictions
Mobile Phones

Apple lifts iPhone purchase restrictions

23 Mar 2020