Identity theft trends are evolving with technological advances. Thieves are getting creative and actually use technical progress to their advantage. There is a new trick in town called “Smishing” and the purpose is to steal personal information, money and create credit lines via cell phones.

In a recent blog ICC defined other viral techniques of Identity Theft, http://www.icreditinc.com/knowledge/content/identity-theft-news-terminology. Smishing is similar to Phishing. The word Smishing was created using the same letters that represent SMS/Short Message Service which is the function applied in order for text messages to work. 

A cell phone user will receive a text message seemingly from their bank or credit card company or any service really. The text will give a number for a return call for a variety of seemingly important reasons. This is the bait. Then the cell phone user will call and the person on the other end of the line will seem legitimate thus prompting the caller to reveal personal information: bank account numbers, atm pin numbers, social security numbers, etc. The actual act of theft can be completed as quickly as 30 minutes later.

Smishing Examples

1. Person A receives a text message via cell phone, “your ATM account has been suspended please call [the actual name of a financial institution] to reinstate it.”   Person A calls and is greeted by the financial institution in a believable, professional manner and says, “I just got a message about my ATM account.” Person A is then asked to verify personal information by: giving his name, birth date, account number, address and more.

2. Another example of smishing is: a fake replica site sends a text message that when opened sends a virus through your phone, allowing hackers to access email accounts, listen in on conversations, see what sites you visit, sign into your accounts and more.

3. A common spam text with an agenda to steal will be any company claiming that you “must contact us to deactivate service or your account will be charged.” Upon opening the bogus message a virus will begin allowing hackers to see what you are doing. So if you visit your bank account online they can see you enter in your password.

These simple examples show how easy it is for people to be fooled into revealing information leading to theft. Cyber thieves go through a lot of effort to execute these crimes by creating convincing web pages, domain names, phone numbers and more in order to mimic your financial institution.   If you are used to getting bank alerts on your phone, you could be tricked while going about your busy day. In the speed of things, people miss out on the important clues revealing a text is spam or harmful. In truth sometimes it is impossible to tell. However keep in mind if your bank for example, never texted you before and suddenly does needing sensitive information, it is a hoax! 

The best way to avoid these problems is to call only the numbers you are certain are legit, the same numbers you have been calling for years. Don’t call a number for your bank that has been texted to you. In other words when you put your banks number into you cells phone book, from the business card you got way back, only call that number...ignore new numbers texted or emailed to you just to be safe.  Delete text messages from a source that is new to you. If your bank really needs to get in touch with you they will, the old fashioned way and you should make them verify their identity to you first instead of the other way around. Take down someones name who truthfully works at these institutions and stick with dealing with that one person.  Do not open any email from an account you don’t recognize when on your phone, even if it seems it is from your bank, call them on the phone first to inquire if they are sending you emails. You could also avoid internet banking by phone or making purchases with your phone.

Even when your identity is stolen and used for theft, credit bureaus will not just take your word for it, a proper dispute process is mandatory. ICC can help you dispute identity theft related items and consult with you about the process for free.