A new scam impersonating one of America's biggest banks is tricking users into handing over their life savings.
Scammers are sending out fake text messages claiming that there’s a large pending charge on the recipient’s account.
The message provides a link to click if the charge wasn’t authorised. Potential victims who follow the link are taken to a website that closely resembles that of TD Bank, leading them to enter their login details.
DailyMail.com received one of the texts, which read: "TD Alert. There's a pending charge of $1,298.99 on your account, ignore if you initiated, if not follow [link]."
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Others have reported receiving messages claiming that a suspicious bill was paid from their account and some were falsely told they owed money to TD Bank. The scam also appears to target not only TD Bank customers but also those who don't even have an account with the US bank.
Once users enter their credentials, hackers have full access to their accounts and money. With this, cybercriminals can transfer entire bank balances to criminal accounts where they cannot be recovered.
If this happens, TD Bank urges customers to lock all credit and debit cards immediately and alert the company about the scam.
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"We are aware that bad actors have created a scam and recommend consumers stay vigilant," said Martha Gaston, senior communications manager at TD Bank. "Consumers can take several steps to protect themselves from fraud."
She added: "The American Banking Association recommends that individuals avoid sharing sensitive information and never provide your Social Security number, account numbers or passwords to anyone who contacts you online, via text message or over the phone."
This type of fraud is called SMShing - a version of phishing that happens through text messages.
Typically, phishing emails ask individuals to click a link and provide account details that are then used to commit fraud. They appear convincing because they include the name and logo of the company they're posing as.
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But spotting one red flag in these types of scam messages can give them away, TD Bank said.
"Creating fear or a sense of urgency is a common tactic for many scams," the bank stated, adding that customers should never share their passwords or PINS, even with them.
The site includes options like 'Forgot user name and/or password,' 'Sign up for Online Banking' and 'View the Online Banking demo,' which are all also on TD Bank's official site.
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However, one way to spot the difference is by looking at the top of the website. On TD Bank's website, it states: "FDIC-Insured - Backed by the full faith and credit of the U.S. Government" - which does not exist on the fake one.
Furthermore, on its official website, TD Bank reminds users that they will never ask you to: "Give personal or account information by phone.
Let us remotely access your computer.
Move money out of your account and into someone else’s account or “keep a secret”, as part of an investigation.
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Buy gift cards."
Stay vigilant out there!