Consumers were swindled out of a whopping $330 million in 2022 when they were duped by fake text messages impersonating a bank. That’s more than double the reported amount from the previous year, according to a 2023 Federal Trade Commission analysis. The real figure is undoubtedly larger, as the FTC report relies on consumer-reported fraud. Many people keep the loss quiet out of embarrassment after they realize they’ve been had.
You can avoid fraud and keep your money out of scammers’ hands with help from your bank, said Mike Worthington, Chief Risk Officer at First Federal Bank. With branches in Twin Falls and throughout Southern Idaho, First Federal has protections in place to help shield customers from con artists.