Photo credit: www.cnbc.com
Text messages that seem casual and harmless—such as inquiries about one’s well-being or plans for dinner—are increasingly being used by scammers in deceptive tactics. This phenomenon, often involving automated practices supported by artificial intelligence, is designed to lure individuals into revealing sensitive personal and financial information without their awareness.
Ann Nagel, an employee at a suburban Chicago college, was nearly duped by a seemingly innocent text that she thought originated from a colleague. “It had me going for a few seconds,” she admitted, until the conversation took a turn when the sender requested that she purchase a Vanilla Visa gift card and provide the card details. Recognizing the red flags, Nagel promptly ceased communication, concluding that the scammers were indeed a clever breed.
According to Steve Grobman, chief technology officer at McAfee, these scams typically involve elaborate schemes rather than straightforward misdialed messages. Scammers often target individuals overseas, using initial contact to confirm that a phone number is active and that the recipient is responsive. “They are adding the number to their database to strategically target it for future scams,” Grobman explained, highlighting that even unsuccessful initial interactions can result in potential future exploitation.
As these tactics evolve, hackers employ various strategies to build a rapport with victims, which can lead to high-consequence scams such as “pig butchering,” where trust is cultivated over time to facilitate larger financial swindles. Grobman noted that the potential for significant financial gain is what drives these organized groups to invest time in their efforts.
Recent statistics underscore the magnitude of the issue. In 2024, consumers purportedly lost $470 million due to scams initiated through text messages, a staggering fivefold increase compared to figures from 2020, according to the Federal Trade Commission.
Aiming for Life Savings
More sophisticated scams often prolong the engagement with victims to target significant assets like life savings or retirement funds. Grobman remarked, “Because there is such a large payoff, it is worth the extra time required to grow it.” Research from McAfee indicates that approximately one in four Americans have encountered such deceptive “wrong number” texts, although email remains the leading medium for scam attempts, followed closely by texts and social media.
The rise of AI has also transformed the landscape of these scams, allowing fraudsters to streamline their operations and enhance targeting efforts. By analyzing area codes, social media profiles, and family connections, these criminals can craft convincing messages tailored to specific audiences. Grobman attributed the surge in “wrong number” scams to the combination of significant data breaches and the accessibility of AI technologies, which result in more sophisticated and convincing phishing attempts. “Consumers need to be very careful. You really shouldn’t engage,” he advised.
The psychological dynamics at play are also crucial to understanding the effectiveness of these scams. Malka Shaw, a psychotherapist based in New Jersey, noted that feelings of loneliness, exacerbated by the lingering effects of the Covid-19 pandemic, make individuals more susceptible to establishing connections—even if initiated via unknown messages. “Their cognitive biases will be down, and they’ll say, ‘I need that contact,'” Shaw explained, identifying this emotional vulnerability as a key factor in scam success.
Secondary Gains for Scammers
Even straightforward scams that don’t immediately empty bank accounts can yield valuable information for hackers. Eder Ribeiro, director of global incident response at TransUnion, emphasized that personal data is a lucrative commodity. Even a small amount of information, such as a phone number and name, can be monetized on the dark web or utilized for additional malicious purposes, such as locking someone out of their accounts for ransom.
Many victims, Ribeiro noted, are willing to pay “mini-ransoms” ranging from $200 to $800 to regain access to their social media accounts—a lucrative outcome for scammers that still falls short of their ideal jackpot. “They can find out stuff about most people and use it for extortion, fraud, or aggregate data for future scams,” he added.
Experts like Dustin Brewer, senior director of proactive cybersecurity services at BlueVoyant, recommend that anyone receiving unwanted texts should ignore them and report them as spam, thus minimizing their exposure to future scams. “Marking it spam could help others by alerting your messaging app that this message is potential bait for a scammer,” Brewer stated, as scam detection systems increasingly rely on user input to identify and mitigate fraudulent activities.
Despite ongoing efforts to combat these scams, Ribeiro cautioned that their prevalence is likely to persist. “The frequency is increasing because it works, and if you get results, you keep doing it,” he remarked, indicating that vigilance and awareness are crucial defense mechanisms for consumers.
Source
www.cnbc.com