RBFCU Aims to Increase Awareness of Rising Text Message Scams

Text Scams are 20 Times More Common Since 2019. RBFCU has the Tips You Need to Stay Safe.

LIVE OAK, Texas (July 10, 2023) — The Federal Trade Commission is reporting a significant increase in bank impersonation text message scams. A bank impersonation text scam is a text message that appears to be from one’s financial institution. The FTC says these text scams have become 20 times more common than they were in 2019, and they account for 10% of all text message scams.

The rising trend is affecting our community, and RBFCU’s Enterprise Fraud Team is working to thwart fraudsters who may be impersonating RBFCU to members and non-members. “We’ve seen a huge increase in the last two months. Based on the number of reported phishing texts, we’ve seen a 230% increase in May and June compared to the previous six months,” says Brian Munsterteiger, RBFCU Vice President - Enterprise Fraud Management. “We want to give our members and the public the knowledge they need to fight these scams. Education is the first step in taking down these fraudsters.”

RBFCU recommends these tips to help spot a text scam:

1. Look at the sender’s phone number. Scam texts will often be from a full phone number or email address instead of a shortened phone number, known as a short code.

2. You’re alerted to a serious situation. Although you may receive text messages from your financial institution regarding things like debit and credit card fraud, transfers or transactions, you’ll never be asked to sign in or provide personal information via text.

3. You’re sent a link to click on. Be wary of any text message asking you to sign in to a website. If you ever have questions about the legitimacy of a text message, contact your financial institution directly by phone. You can also chat with a representative by visiting your financial institution’s website.

4. You’re asked to text back with personal information. Your financial institution will never initiate contact with you and ask you to verify or provide personal information like usernames, passwords, one-time passcodes (OTP), PINs, Social Security numbers, or account, debit card or credit card numbers.

How to report a bank impersonation text scam:

If you believe you’ve received a bank impersonation or any text scam, the FTC recommends these methods to report it:

For additional information on all financial fraud scams, please contact Victoria Young at vyoung@rbfcu.org. RBFCU fraud experts are available for interviews.

About Randolph-Brooks Federal Credit Union

Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members’ economic well-being and quality of life. With assets exceeding $18 billion, RBFCU serves more than 1 million members at 62 branch locations throughout Texas, and online at rbfcu.org and the RBFCU Mobile® app.

Media Contact

Victoria Young, Marketing Communication Senior Specialist