If you received a text message saying your savings account has been locked, would you click the included link? Hopefully not—but it would be understandable if you did. Text scams work

because they create a false sense of urgency.

Recently, one of our members received a phishing text asking her to log in to a SELCO site and“confirm” a fraudulent transaction. The text message appeared real at first glance, but the link led to a fake site. Our member entered her credentials, giving the scammer what they needed to break into her legitimate account. The fraudster was then able to view the account details and set up a large external transfer to another account that they controlled.

Thankfully, we identified the fraudulent activity before any funds were sent. But it’s an example of how anyone with a bank account can become a target of a text scam.

While the number of text scams reported in 2024 dropped slightly, losses from these scams were more than five times what they were in 2020, according to a recent Federal Trade Commission report. In other words, scammers are getting more effective.

The most common examples include fake security alerts from financial institutions orcompanies like Amazon or Apple, messages pretending to be from the post office or United Parcel Service notifying you of a failed delivery, and fake job opportunities. Most come with a link and often the tell-tale sign: A phony sense of urgency meant to push you to act NOW from a place of fear.

The good news is that these scams are still relatively easy to detect if you stay vigilant. Start with the most obvious red flag: If you weren’t expecting the text, especially if it includes a link asking to “verify” personal information, your inner alarm bell should be sounding.

The truth is that no credible financial institution, including SELCO, would ask for sensitive information like passwords, PINs, or account numbers via text.

Knowing the warning signs is a great first defense. Here are a few more rules to live by that will help keep scams and scammers at bay:

• Don’t click suspicious links. Even if the message looks official, always go directly to the organization’s website or app to verify.
• Check the sender. Scammers often use shortcodes or spoofed numbers. If the number looks off, it probably is.
• When there are red flags, don’t respond. Replying—even “STOP”—can confirm your number is active and invite more scams
• Use your phone’s spam filters. Most mobile carriers and devices offer tools to block suspicious messages.
• Report the scam. If it’s a text pretending to be from your financial institution, alert your institution through a verified channel (like a published phone number). You can also forward texts to 7726 (SPAM), which alerts your carrier to the threat.

Remember, a little skepticism can go a long way. If a message feels fishy, it probably is.

Sandy Wagner is the Central Oregon Regional Manager for SELCO Community Credit Union.