Wales

Telephone Banking Fraud

Telephone banking fraud is a scam which is becoming increasingly commonplace. The fraudsters do not actually scam their victims online, but use the telephone to do so. Here’s how it works:

You receive a call from somebody who claims to be from an organisation you trust, such as your bank or the police. They inform you that there is a safety or security problem associated with your bank account or payment cards, and you need to take some kind of immediate preventative action, which normally involves confirming your confidential login details.

However, the person on the other end of the call is not your bank or card issuer, but a fraudster.

You may also be asked to give your cards to a courier sent by the ‘bank’ or ‘police’ to ensure that they have been stopped, or for evidence. This is known as ‘Courier Fraud’.

The risks

  • You provide your account details and answers to security questions to fraudsters
  • Your bank account is emptied and/or cards used to their limit
  • You could become a victim of identity theft because you have revealed confidential financial and personal information

How to avoid telephone banking fraud

  • A bank or payment card company will never ask you to transfer money out of your account to another that you do not recognise, so hang up immediately.
  • If you do think that the call may be authentic and you choose to call your bank or card issuer, call the number on your bank statement or other document from your bank – or on the back of your card, and NOT a number given to you by the caller or the one you were called from.
  • Never provide financial or personal details to a caller, but call back on a number you know to be authentic. Many scammers have the ability to spoof authentic numbers to fool you into thinking that they are genuine.

If you have been a victim of telephone banking fraud

  • Report it to Action Fraud, the UK’s national fraud reporting centre by calling 0300 123 20 40 or by visiting  www.actionfraud.police.ukIf you are in Scotland, contact Police Scotland on 101.
  •  Report it to your relevant bank or payment card provider immediately. You will find out how to do so by looking on their websites.

If you’ve experienced cybercrime, you can contact the charity Victim Support for free and confidential support and information.

 

In partnership with

Jargon Buster

A Glossary of terms used in this article:

Identity theft

The crime of impersonating someone – by using their private information – for financial gain.