Smishing, short for SMS Phishing, is when you receive a Short Message Service (SMS) or text message through a mobile phone from a number that is supposedly from a legitimate institution, but is actually sent by a scammer.
How this could happen
You get a text message that is supposedly from your bank. This message tells you to update your account details or your online access will be suspended, and gives you a link to click.
Because you’re convinced that it’s real, you click the link and fill up your account details.
The link is fake, and the scammer now has your account details (including your password).
The scammer uses your details to log into your account, and transfers your money to a different account or other electronic fund transfer service where it will be withdrawn immediately.
Read more about how to avoid being a victim of Smishing and other scams in our tips page.