The Bangko Sentral ng Pilipinas (BSP) is warning the public about a sophisticated scam known as “text hijacking.”
Fraudsters are using advanced tools, including International Mobile Subscriber Identity (IMSI) catchers, to intercept mobile phone signals and insert themselves into legitimate text message conversations.
By mimicking trusted sources such as banks or e-money providers, scammers send convincing messages designed to trick recipients into clicking malicious links, potentially compromising their financial accounts.
IMSI catchers work by broadcasting stronger signals than nearby cellular towers, prompting mobile phones in the area to connect to them instead of legitimate networks.
Once connected, fraudsters can send phishing messages that appear to come from trusted institutions.
The BSP advises consumers to remain vigilant and scrutinise all text messages, even those that appear legitimate.
Financial institutions will never ask customers to click links to perform uninitiated transactions.
Instead, users should access their accounts directly through official mobile or internet banking platforms.
Any unusual or suspicious activity involving financial accounts should be reported to the relevant bank or e-money provider immediately.
The central bank is working closely with BSP-supervised financial institutions (BSFIs) and other stakeholders to combat this growing threat and safeguard consumer accounts.
It urges the public to take proactive measures, such as avoiding clicking links in text messages, to protect themselves from falling victim to these scams.
Featured image credit: Edited from Freepik
