Billions of Android and iPhone users are at risk of getting scammed via too-good-to-be-true texts from hackers impersonating investment managers.
The Bank of America issued a warning to smartphone owners that they should be careful about this tactic that could likely wipe out their cash storage in a few clicks.
Beware of This Bank Investment Scam
Hackers impersonate legitimate banks to scam smartphone users and get their money with ease.
According to a report by The Sun on April 1, the Bank of America has warned people not to initiate any discussions with strangers posing as bank managers.
Although it's April Fool's Day today, it's never an excuse to get fooled by remote suspects who are just waiting around the corner to get your hard-earned money.
The authorities said that the usual gimmick behind this cam is promising the victim "get rich quick" strategies that will double or even triple their capital.
Instead of getting millions of dollars, you will likely end up getting bankrupt after the hackers got your initial investment.
"Be wary if you are contacted by investment managers or receive an unsolicited request (via social media, pop-up, text, email or phone call) that presents a great investment opportunity," the Bank of America said.
Another clear sign that a text falls into a bank investment scam is that the stranger pressures you to transfer your money immediately to a bank.
Related Article: Avoiding 'Hi Mom' Text Scams: Signs to Look For & Things You Can Do
What to Do If You Think a Text is a Bank Investment Scam
If you have doubts about the nature of the text that you received from the other line, the Bank of America reminds iPhone and Android users to be observant about the purpose of the message.
The Bank of America adds that you should always think twice before you send money to someone you don't know or you just have met online.
Furthermore, the authorities also warn that fake investment managers usually ask you for instant crypto trades or even a quick money transfer.
The Bank of America says that when a recipient sends cash to the hacker, there's only a little thing that they can do to retrieve it.
As a stern reminder, don't get tired of validating the money requests. Researching the investment manager is also a good way to avoid this dangerous smartphone scam.
Outside the US, 9News reports that the Australian Competition and Consumer Commission (ACC) warned the public about the scammers imitating the legitimate phone number of a trusted bank.
The agency said that over 14,000 reports about bank impersonation scams were recorded in 2022.
Meanwhile, Mirror reports that a notorious WhatsApp scam has just returned. Before the hackers get full access to your device, it's best to delete his tricky message. If you receive a six-digit code on your phone, don't send it back to a stranger.
Read Also: Pig-Butchering Scam Apps Are Flocking All Over Apple, Google Play Store
