If your bank texts you to warn you of a fraudulent charge, that's likely a scammer, FTC warns

• Scammers are increasingly fooling people with texts pretending to be their bank.
• The texts mimic notifications for fraudulent charges. Scammers often call people who respond to the texts. 
• The FTC said bank impersonation led to $330 million in reported consumer losses in 2022, doubled from 2021.

Nearly all of us have had gotten messages from our banks telling us that a recent transition looks suspiciously fraudulent. But it can be dangerous to respond to them, as scammers are increasingly using these messages to commit fraud.

The FTC just issued a new warning saying bank impersonation has become the top type of fraudulent text messages scammers are using these days. And they are having a lot of success with it.

Bank impersonation resulted in $330 million in reported consumer losses in 2022, the FTC said in a new report released on Thursday. That's double the successful theft from these type of texts in 2021.

One reason for the increase in these texts — and their success rate — is that scammers rely on how people have become trained to quickly respond to incoming texts.

The scammers often craft a text from Bank of America or Wells Fargo that says something like: "Wells Fargo Bank Alert: Did you attempt a purchase at Walmart for $1,263.89? Reply YES or No."

Those who see the message and quickly reply could then get a call from scammer claiming to be a from the bank's fraud department. Alternatively, the text will ask the person to call a number that it says is the bank's fraud department. 

How to protect yourself from bank fraud scams

The solution to protect yourself is to be aware of these scams. If you get such a message, don't immediately respond. As soon as you can, review your transaction history to verify that such a transaction is pending and call the bank using the phone numbers on your statements or card.

Bank of America also warns to never click a link in a suspicious text message as it could load malware on your phone. And, if anyone saying they are from your bank calls you, don't give out any personal information such as your social security number.