You’re in the middle of something when your phone pings — a text from an unknown number. Is it real, or another scam? A new Consumer Reports survey finds texting and messaging scams have jumped 50 percent in the past year, and it might surprise you that Gen Z is getting hit the hardest. Consumer Reports reveals some smart tips to help you stop those messages and protect your money.
Whether it’s text that looks like it’s from your bank or a bogus bill from a toll road – if you think you’re getting more unsolicited calls, texts and messages, you’re right. The new Consumer Reports Cyber Readiness Report finds scam attempts are up more than 50% and they’re growing the fastest among GenZers.
Scammers are trying to rip off young adults. Those from 18 to 29-year-olds are falling for scams at record levels. Reports of scams attempts from GenZers, tripled and it makes sense because they text frequently. It’s a primary form of communication and they have instant access to money on their phones.
Lower income households were three times as likely to lose money from scams. And the racial divide is striking too — 37 percent of Black Americans who ran into a scam lost money, compared to just 15 percent of white Americans.
According to the Federal Reserve, 86 percent of white adults use credit cards while only 70 percent of black adults do. Credit cards are safer than many other payment methods because you have the right to request a chargeback for fraudulent transactions. Consumers who do not use credit cards have fewer rights to dispute fraud when it occurs.
How can you protect your money?
First, don’t reply to random or unsolicited texts. Responding confirms your number is active. So, fraudsters might keep bugging you or sell your number. Instead, block the number and mark it as spam.
Next, cut down on text spam before it reaches you. Check with your phone carrier — most offer free tools to filter or block unwanted messages.
Also, watch out for phishing scams.Be suspicious of requests for personal information from texts, emails, or messaging apps. If the message seems urgent or time-sensitive, that’s another red flag.
Finally, when shopping online, use a credit card. Payment Apps like CashApp, Venmo, and Zelle usually don’t offer the same purchase protections.
One additional piece of protection: Use a password manager. That way, you have a strong, unique password for each account.