At Scotiabank we have seen firsthand how emerging digital frauds can cause significant disruption to unsuspecting consumers. And, most recently, we have seen a number of these attempts, including smishing and phishing, across the region.

‘Smishing’ is derived from the combination of “SMS” and “Phishing.” Smishing involves fraudulent text messages designed to trick recipients into revealing sensitive information through a reply or by clicking malicious links. These texts often impersonate reputable institutions such as banks, government agencies or well-known brands, exploiting the trust naturally placed in these organisations.

‘Phishing’ is believed to be derived from ‘fishing’, as in fishing for victims using bait. It is a form of cyberattack where an attempt is made to deceive people into providing sensitive information, such as passwords, credit card numbers or other personal details. Fraudsters often achieve this by posing as trustworthy entities through emails, websites, text messages or phone calls.

These attacks can affect individuals in numerous ways. A popular example of ‘smishing’ is the use of a text message prompting you to verify your account details, claim an unexpected reward or warn of an urgent security breach. Once you click on a provided link or respond with personal data, cybercriminals can gain access to your bank account, steal your identity or even commit further fraud in your name.

The damage from such frauds is not limited to immediate financial loss; it can also lead to long-term issues, such as ruined credit scores and the headache of restoring your identity.

Protecting yourself against smishing starts with developing a healthy level of skepticism.

Here are four tips from Scotiabank to protect against ‘Smishing’ attempts:

1. Never click on links or provide personal details in response to unsolicited text messages: Even if the message appears to come from a trusted source. Scotiabank does not ask for private information via SMS and will never ask for your PIN or password. If you are unsure, contact your Bank directly using their official contact information found on their official website or your bank statement.

2. Verify the sender: Check the phone number and any available sender details. Often, smishing messages come from numbers that look slightly different from legitimate ones. And avoid urgency traps; scammers often create a false sense of urgency. Take a moment to evaluate whether the message is truly time sensitive.

3. Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of security, making it significantly harder for scammers to access your accounts, even if they obtain your login credentials.

4. Ensure that your bank has all your updated contact information. This is crucial for them to be able to contact you in the event of attempted fraud on your account. 

In addition to the tips, practise the 3 Rs of Fraud Prevention:

Reject: Do not engage with potential fraudsters. Avoid clicking on suspicious links, providing sensitive information, or responding to unsolicited messages.

Report: Immediately report any suspected fraudulent activity to your financial institution. Prompt reporting can help prevent further loss.

Recognize: Stay alert to the common signs of fraud. Be aware of unusual requests, unexpected communications and offers that seem too good to be true. \

As we navigate this digital era, it is critical to remain vigilant and proactive about our online security, ensuring that our financial well-being is safeguarded against even the most subtle cyber threats. 

About Scotiabank
Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.