Financial scammers use SMS and phone calls to impersonate banks

Fraudsters are increasingly using SMS and phone calls to impersonate banks or financial institutions to steal personal data and funds. According to data from cybersecurity firm Bitdefender, financial and investment fraud accounted for 10.7 percent of analyzed fraudulent attempts globally.

Scammers often employ 'spoofing' techniques, allowing fake SMS messages to appear within the same conversation thread as legitimate bank notifications. These messages typically create a sense of urgency by claiming suspicious transactions have occurred or that a card has been blocked. They often include links to fraudulent websites designed to mimic real banking portals to capture login credentials and one-time passwords (OTP).

In addition to SMS, phone-based social engineering is a major threat. Scammers pose as bank or authority employees, using psychological manipulation to instill fear and urgency. A common tactic involves telling victims that immediate action is required to protect their money, such as transferring funds to a 'security account' to prevent theft.