As we move online, so do scammers.
But that doesn’t mean other types of scams are disappearing.
While the Better Business Bureau repots phone scams have dropped 42% since 2015, the same data shows text message scams have jumped from 11% to 30% in just 7 years.
Text message scams are also the method with the highest financial loss, costing consumers an average of $800.
“A lot of businesses use text messages to update their customers but so do scammers,” said Rebecca Barr, BBB communications manager. “They know we might get a text message, we’re getting a lot of them, so they’re doing less phone calls and more text messages. And likely because they can just insert a link right in there, hoping you click on it and it’s a phishing link that will take you to a fake website, hoping to capture your information, could also download malware. So while text messages are super convenient for businesses, they’re also convenient for scammers.”
According to an investigative study by the BBB, the latest culprit to join the scammer network is payday loans.
From 2019 to July 2022, the study reveals 3,000 payday loan scams were reported, resulting in a loss of $3 million.
The Federal Consumer Financial Protection Bureau describes payday loans as small, short-term loans, typically for $500 or less, that’s paid back quickly on the borrower’s next income.
When it…
