Text alert: the ‘bank’ message that cost a student £5,400 of her loan money

Miles Brignall has a report that I would encourage you to read. Read it for yourself, because this could happen to you, of course, but also read it and then share it with any of your children who have accounts that they can access.

This really is some well-done fraud that begins with fraudsters spoofing your bank’s phone number t send you a text message or email.  And as Brignall notes after providing some examples of how young people experienced significant financial harm from fraudsters:

It is also a reminder that consumers should not trust any information apparently to them sent by their bank via email or text. Account holders should only call their bank using the phone number on the back of their card, not the number on a text or email. Students seem particularly prone to this scam as they are often financially inexperienced.

Educate your children about this type of fraud and make sure they know not to call any number in a text message, but to only use the number on the back of their bank card.

Read more The Guardian.

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