Our local paper, the Surrey Advertiser, carries a very sad tale this week of a retired couple who have been conned out of £45,000 following a telephone fraud.
Mike and Sheila Butler from Tongham near Aldershot lost the money after being convinced by a fraudster to transfer it to another bank account.
Reading details of this relatively simple fraud is a stark reminder of the importance of being aware of the risks to your wealth.
It is reported that the Butlers received a phone call from a man claiming to be from Visa, asking whether they used internet banking.
A further call informed Mrs Butler that fraudsters were trying to spend her money at Argos online.
He asked her to hang up the phone and call her bank to check everything was okay.
Of course the fraudster did not hang up the phone at his end, keeping control of the line and then pretending to be from their bank, Santander.
He talked Mrs Butler through a series of steps to transfer their money to a ‘safe’ account, which was really his own bank account.
Quickly realising they had been the victims of fraud, the couple reported the incident to Surrey Police and to their bank.
According to the newspaper report, they have so far been unsuccessful in recovering any of the money.
The Surrey Advertiser also reports that two other similar incidents recently took place in Farnham and Wrecclesham, although the targets became suspicious and hung up their phones.
This telephone fraud sounds like a deviation on the courier card scam, which has been widely reported on BBC Radio 4’s You and Yours.
The courier card scam involves fraudsters tricking their victims into handing over their debit or credit cards and PINs.
It starts with a phone call claiming to be from the police or bank’s fraud department, saying your card has been compromised and asking you to call the telephone number on the back of the card.
Keeping control of the phone line once you have hung up, the fraudster then pretends to be from your bank and says your card needs to be collected. They also ask you to input your PIN into the telephone keypad.
A courier arrives at your house to collect the card, and the fraudsters use your PIN with the card to spend your money.
With scams like this apparently on the rise, you should take special care to protect your personal finances from fraudsters.
Never disclose details of your PIN or bank accounts to a third-party, and always assume that an unsolicited telephone caller is keeping control of your line when you hang up. Use a different phone line where possible to call an independently verified number.
It is important not to rush into making important financial decisions, such as transferring funds to another bank account.
Seek a second opinion from a financial expert, such as an independent financial adviser, where you have any suspicions.
