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Scotiabank Text Scam Loses Nova Scotia Couple $3000

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With the use of both email and text message channels from banks, it is becoming difficult for the average customer to identify a legitimate communication from their bank. And sometimes, these customers fall into the trap laid out by crooks, such as one the Nova Scotia couple who lost $3,000 thanks to a text message that mimicked Scotiabank’s InfoAlerts text message, reports CBC News.

Bank fraud unusual activity

The fraudsters sent a message that looked like a legitimate call to action from Scotiabank. After logging into their bank account — likely by clicking on a link inserted into the text message — the fraudsters siphoned their login credentials and cleaned out $3,000 from the couple’s bank account.

The bank said that the couple had willingly given out their banking information; hence, it won’t replace the money. Of course, the couple reacted by saying: “Who would log into something like that if they knew? No person would do that. We did it because we thought it was this bank app that we had been using all along.”

Scotiabank’s spokesman acknowledged that phishing is an ongoing problem and it is on the rise.

I’m sure you have received emails urging you to reset your internet banking password. That’s what SCENE did recently. But as Halifax marketing professor Ed McHugh says, it’s easy to confuse consumers because some of the phishing emails look very similar to legitimate ones: They feature corporate logos and email addresses that appear to be official. In the case of SCENE, the email was legit.

SCENE spokesman Matthew Seagrim’s suggestion: If you are not sure whether this is a legit email, call your bank before you click on the link inserted in the email. Or visit the legitimate website and log in without clicking on any of the links that come embedded in emails.

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