People who bank with 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.
Tens of thousands of scam messages, purporting to be from the aforementioned banks have been issued in the past week – asking account holders to verify suspicious transactions.
The scam texts are framed as security messages requesting confirmation of a payment made from a digital device not used before.
In another spate of messages, the texts ask the recipient to tap a link to confirm payment to a named person, reports the Mirror.
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.
This alert arrives fresh on the back of warnings that criminals are using Royal Mail branding to intercept people's details.
The Chartered Trading Standards Institute (CTSI) said the messages claim a parcel is awaiting delivery but a "settlement" must first be paid.
The messages include a link to a fraudulent Royal Mail website which asks the recipient to enter their bank details to release their parcel.
The CTSI warned that the rise in online shopping means more people are likely to be waiting for parcels and deliveries, making them more vulnerable to this kind of 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."
