Is there any way of blocking unwanted text message on an iphone?
Your carrier can do it. Contact them and give them the phone number(s) you need blocked.
Can only be done by your carrier. In the US, SPAM SMS'a are illegal...forward them by dialing 7726.
If you have Verizon, you can login to your account and block numbers from there. I am not sure if any other carriers offe that or not.
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