How to avoid the No. 1 text message scam putting your money at risk

Banks are a safe place to keep your money, but there are still a few basic but important precautions you can take to ensure you don’t fall for a bank-impersonation text scam. — Image by rawpixel.com on Freepik

The US Federal Trade Commission recently revealed the most reported text message scam: bank impersonations.

Reports of bank impersonations by text in 2022 jumped to 20 times the number reported in 2019. According to the FTC, American consumers reported a loss of more than US$330mil to text message scams in 2022. And cash that’s lost because of bank fraud or scams isn’t covered by the Federal Deposit Insurance Corp or National Credit Union Administration.