FTC Report: Consumers Lose $470 Million to Text Message Scams

TL;DR

Recent data from the Federal Trade Commission (FTC) reveals that consumers have lost a staggering $470 million to text message-based scams, a fivefold increase from 2020. This surge underscores the growing threat of fraudulent activities via SMS, highlighting the need for enhanced vigilance and protective measures against such scams.

FTC Report Highlights Alarming Rise in Text Message Scams

Recent data from the Federal Trade Commission (FTC) reveals that consumers have lost a staggering $470 million to text message-based scams. This amount is five times higher than what was reported in 2020, highlighting the growing threat of fraudulent activities via SMS.

Key Findings from the FTC Report

• Loss Amount: Consumers reported losing $470 million to text message scams.
• Increase from Previous Years: This figure is five times higher than the losses reported in 2020.
• Growing Threat: The surge in text message scams underscores the need for enhanced vigilance and protective measures.

Understanding the Rise in Text Message Scams

Text message scams, also known as “smishing” (SMS phishing), have become increasingly prevalent. Scammers often impersonate trusted entities, such as banks or government agencies, to trick individuals into sharing sensitive information or making payments. The convenience and widespread use of text messaging make it an attractive medium for fraudsters.

Protecting Yourself from Text Message Scams

To safeguard against text message scams, consumers should:

• Verify the Sender: Be cautious of messages from unknown or suspicious numbers.
• Avoid Clicking Links: Do not click on links or download attachments from unsolicited texts.
• Confirm with Official Sources: Contact the supposed sender through official channels to verify the message’s authenticity.
• Use Security Software: Install and regularly update security software on your devices.

Conclusion

The FTC’s findings serve as a stark reminder of the escalating threat posed by text message scams. As these fraudulent activities continue to evolve, it is crucial for consumers to stay informed and take proactive measures to protect themselves. By remaining vigilant and adopting best practices, individuals can significantly reduce their risk of falling victim to such scams.

Additional Resources

For further insights, check:

• Security Magazine Article on FTC Findings
• FTC Consumer Advice on Text Message Scams

References