Beware of text message scams designed to scare you into thinking that your financial account is being hacked. Hackers are sending fake text messages to people that look like login authentication code requests. The text messages typically say something like, “Your authentication code is 999999. If you did not request this code, call us at [1-800 number] or contact us at [website link]”. These text messages are fake and designed to lure people right into a social engineering trap. Thousands of people have had their accounts compromised and money stolen by this ploy.

When a victim receives the authentication code text message, it immediately triggers alarm. People panic thinking that someone is trying to log into their bank or cryptocurrency account and has triggered the authentication code text message. Naïve victims either call the phone number or click on the link included in the text message to get support from the financial institution. When the victim reaches a support contact, it is actually a cybercriminal who answers the call. The cybercriminal then tricks the victim into sharing their financial account details, they may even extract the victim’s username and password from them as they pretend to research the victim’s account. 

Should you receive an authentication code text message from your financial institution, do not click on links or call phone numbers listed in the text message. Instead, immediately log into your account. Go to the Security section of the website and review recent logins to your account if that information is made available on the website. If you are concerned that someone may have your password, change your password right away. Create a strong password using our MEDAL technique.  Finally, block the phone number that is spamming you with fake text messages.