Phishing & Smishing Scams
Americans lost $470 million to text scams in 2024, according to the FTC.
Quick Answer
Phishing scams, which include fraudulent emails (phishing) and text messages (smishing), were the most frequently reported type of cybercrime to the FBI in 2023, accounting for 298,878 complaints.
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How It Works
1
A scammer sends a fraudulent email (phishing) or text message (smishing) that appears to be from a legitimate organization, such as a bank, government agency like the IRS, or a well-known company.
2
The message creates a sense of urgency or fear, claiming there's a problem with your account, a suspicious login, a delivery issue, or that you've won a prize.
3
The message contains a malicious link or attachment. Clicking the link directs you to a fake website that looks identical to the real one, designed to steal your login credentials, credit card numbers, or other personal information.
4
Alternatively, the scammer may instruct you to call a phone number to resolve the issue, connecting you with a fake customer service representative who will try to extract sensitive information or convince you to send money.
Red Flags
- The message creates a sense of urgency, threatening to close your account or take legal action if you don't act immediately.
- You are asked to click a link to verify your account details or provide personal information.
- The sender's email address or phone number looks suspicious or doesn't match the official company's contact information.
- The message contains spelling and grammar errors or has an unprofessional design.
- You are offered a prize, discount, or government refund that seems too good to be true.
- The message asks you to make a payment using an unusual method, such as gift cards, wire transfers, or cryptocurrency.
What to Do If Targeted
- Do not click on any links or download attachments from suspicious emails or texts.
- Never reply to the message or provide any personal or financial information.
- Go directly to the company's official website by typing the address in your browser or using a saved bookmark to check your account status.
- Verify the sender's identity by contacting the organization through a known phone number or email address found on their official website.
- Delete the suspicious email or text message to avoid accidentally clicking on it later.
- Report the phishing attempt to the company being impersonated and to the appropriate authorities.
How to Report It
- FTC — File a fraud report with the Federal Trade Commission for all types of scams.
- FBI IC3 — Report internet-based crime, including phishing and online fraud, to the FBI's Internet Crime Complaint Center.
- FCC — File a complaint about phone scams, robocalls, or unwanted calls with the Federal Communications Commission.
- AARP Fraud Helpline — Call 877-908-3360 for free support from trained fraud specialists. Available to anyone, not just AARP members.
Key Statistics
- Americans lost over $12.5 billion to internet crime in 2023, a 22% increase in losses from the previous year. — FBI IC3 2023 Internet Crime Report
- Phishing was the most prevalent cybercrime reported to the FBI in 2023, with 298,878 victims lodging complaints. — FBI IC3 2023 Internet Crime Report
- Business Email Compromise (BEC), a targeted form of phishing, cost victims $2.9 billion in 2023. — FBI IC3 2023 Internet Crime Report
- Impersonation scams, which include phishing and smishing, resulted in reported losses of $1.1 billion in 2023. — FTC 2024
- In 2023, phishing scam reports to the Better Business Bureau nearly doubled, reaching a record high of over 9,000. — BBB 2024
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Frequently Asked Questions
Phishing and smishing are both types of impersonation scams that aim to steal your personal information. Phishing uses fraudulent emails, while smishing uses fraudulent SMS text messages. Both tactics create a sense of urgency to trick you into clicking a malicious link or revealing sensitive data.
In 2023, the FBI's Internet Crime Complaint Center (IC3) received 880,418 complaints with total losses exceeding $12.5 billion. Phishing was the most common complaint type, and business email compromise (BEC), a type of phishing targeting businesses, resulted in over $2.9 billion in losses.
Yes, people of all ages are victims of phishing. According to the FTC, in 2024, consumers aged 20-29 reported losing money to fraud in 44% of their reports, a higher percentage than any other age group. Scammers target everyone, not just older adults.
The most common phishing scams involve fake security alerts about your accounts, phony subscription renewal notices, and bogus package delivery problems. Scammers often impersonate well-known companies like Geek Squad or government agencies to appear legitimate.
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