Banks Issue Warning on Coronavirus Smishing Scams Wave

Banks have warned everyone about the rapidly spreading Coronavirus Smishing scams in which cybercriminals are trying to exploit user privacy by exploiting Coronavirus pandemic situation.

The UK Finance spoke up to the public and reminded them to be careful towards the tricky phone calls, internet browsing, and even the doorstep threats amid the lockdown to help keep people safe from COVID-19 Scams. UK Finance has also simplified Smishing for commoners by saying that it is a scam in which criminals or cyber attackers send a text message disguising themselves as a legit organization to exploit receiver’s privacy and extract receiver’s financial information so that they can get money.

Coronavirus Spoofing Scams Are on the Rise

The fraudsters are using a technique called spoofing in which they can send a message alongside previous genuine messages. Thus, the receiver’s fail to differentiate between real messages and scam messages. The text message usually claims that it is from government, bank, or any other legit organization regarding the Coronavirus outbreak. Some texts lure receivers by telling that they are eligible to receive Coronavirus relief funds or tax rebates. Some also threaten users by huge fines and penalties in case of non-compliance.

What are Banks Doing?

The banking industry is working closely with mobile network operators, government, and other stakeholder organizations to crackdown these kinds of frauds.

UK Finance is posting notifications and warning to citizens. The warning requests citizens:

  • Do not open any type of suspicious or unexpected emails

  • Do not open the attachments of suspicious emails as they may contain malicious software

  • Do not click on the link provided by a suspicious email

  • Be careful of text messages which use Coronavirus as a bait to get your bank details

The warning has also told the citizens that such Smishing messages or emails are being sent by hackers and criminals, which will trick citizens in sending bank account numbers or credit numbers for different reasons like Coronavirus vaccine or getting financial aid for their family due to pandemic. All of these kinds of messages and emails are a scam, and the citizens are directed to beware of them.

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