Customers who bank with major UK firms such as Barclays, Halifax, HSBC and Lloyds have been issued an urgent warning.
In the last week, tens of thousands of innocent customers have been targeted by scammers.
Fraudsters who pretend to be from the aforementioned banks ask account holders to verify suspicious transactions before stealing their information.
The scam texts are framed as security messages requesting confirmation of a payment made from a digital device not used before.
All of the phoney messages contain fraudulent links that request sensitive information such as online banking details and full names, putting the person at risk of theft and banking fraud.
Speaking on bank fraud scams, Katherine Hart, a Lead Officer at CTSI, said: "I am witnessing so many reports of this scam; indeed, I have received multiple versions of it on my phone. The public is very vulnerable to this type of fraud, especially when more people rely on online payments.
"Fraudsters change the form and methods of their scams to match shifting consumer behaviour. The surge in online shopping and payments means that the public must be more vigilant when making online payments and receiving messages claiming to be from their bank.
"If you receive a suspicious text like this, please contact your bank directly and verify with them. Also, forward any scam texts to 7726, which is a free reporting service ran by Ofcom.
"We must protect ourselves and others from these scams but also provide vital intelligence to authorities."
