The hacking of any social media account has ramifications far beyond that one platform or that one individual. An individual may be the initial target to gain access to far reaching information, data or resources, privately or publicly. It can dismantle capability of a website or it can disrupt the power supply to a rural village.
Phishing texts are requesting the same information from a phone user that they asked for on email. The difference is that if you click on a suspect link on your phone it can download a screening tool that extracts private information direct from your phone, including your whereabouts via GPS and other forms of identity theft. Phishing is a serious crime that often comes with financial and safety implications for the unsuspecting, fooled victim.