The Bangko Sentral ng Pilipinas (BSP) has warned the public about the rising threat of text hijacking, a deceptive method fraudsters use to deliver smishing attacks through fake SMS Sender IDs.
In an advisory released on Tuesday, the BSP explained that text hijacking involves fraudsters impersonating legitimate organizations by inserting themselves into ongoing text message threads. This technique makes malicious messages appear trustworthy, increasing the chances that recipients will fall victim to scams.
“This increases the effectiveness of smishing attacks as they appear to be coming from a legitimate sender,” the BSP stated.
Fraudsters often spoof the sender IDs of banks, e-money providers, or other financial institutions to send messages containing malicious links. These links are designed to steal sensitive information or gain unauthorized access to the victim’s financial accounts.
Protection from text hijacking
The BSP emphasized the importance of vigilance when dealing with text messages that appear to be from trusted sources.
- Avoid Clicking Links: Do not click on links sent via SMS, even if they seem to come from your bank or financial institution.
- Verify Transactions: Instead of following links in messages, conduct transactions directly through official mobile apps or online banking platforms.
- Scrutinize Messages: Always double-check the content of messages for signs of fraudulent activity.
“Remember that banks and e-money issuers will never ask you to click a link sent through email or SMS to execute transactions you did not initiate,” the BSP reminded.
The central bank urged the public to immediately report suspicious activities or unauthorized transactions involving their financial accounts to their respective banks or e-money providers. Timely reporting can help prevent further damage and assist authorities in combating these scams.
BSP’s response to text hijacking
The BSP assured the public that it is actively addressing the issue in collaboration with BSP-Supervised Financial Institutions (BSFIs) and other stakeholders. Measures are being implemented to strengthen security protocols and protect consumers from text hijacking schemes.
This advisory reminds everyone to stay vigilant and adopt safe practices when managing their financial transactions. Fraudsters’ methods are constantly evolving, making it essential for individuals to remain cautious and proactive in safeguarding their personal and financial information.
For further updates or assistance, consumers are encouraged to contact their banks or e-money issuers and follow official advisories from the BSP.