Financial scams are evolving, so it’s essential to be aware of the latest versions.
The latest scam designed to catch you out involves automated phone calls claiming to be from a bank or card provider.
These suspicious calls have resulted in dozens of reports in the past week, with industry body UK Finance issuing a consumer warning as a result.
As part of the scam, customers get an automated phone call which claims a suspicious transaction has taken place on their account, saying this transaction needs to be verified.
To verify the suspicious transaction, customers are asked to press a number on their phone handset, to be connected with an agent, who is a fraudster.
With a growing number of these automated phone call scams reported recently, it’s a good time to remember that banks or the police will never contact you asking for your online banking password or for you to transfer money to a new account to prevent fraud.
Katy Worobec, Managing Director of Economic Crime, UK Finance, said:
“There has been a spike in cases over the past week involving automated calls from fraudsters pretending to be from your bank. It’s crucial that people remain vigilant and question any phone calls out of the blue, even if they state there has been fraud on your account.
“Fraudsters may already have some information about you, so don’t take this as confirmation that their approach is genuine. Never give out any personal information if you are at all suspicious. Instead Take Five to stop and think, and then contact your bank directly on a number that you can trust such as the one on their official website.”
As part of the Take Five to Stop Fraud campaign, we’re being warned to follow some simple steps to avoid being scammed.
Be wary when receiving any phone calls, text messages or emails which claim to be from your bank, the police or telephone provider, asking for personal or financial details, or for you to transfer money to a new account. Genuine banks and other providers won’t ask you for this information or for you to transfer money.
Keep in mind that a genuine bank will never call you unexpectedly asking for your PIN, full password, or to move money to a different bank account.
If you feel a call is suspicious, or if you feel vulnerable during a call, then hang up and call your bank or card provider on their advertised number to report the fraud.
Some fraudsters wait on the phone line and reconnect with you when you attempt to make a new phone call. Be sure about with whom you are speaking, before you share personal or financial information.
Fraudsters rarely give you time to think, and will try to stop you from speaking to a friend or family member first. These are big red flags which suggest something dodgy is happening.
If the caller asks you to transfer money to a new bank account, for fraud reasons, this is another big red flag moment. Hang up and report the fraud.
Anyone calling and asking you for either your 4-digit card PIN or your online banking password is a scammer. Don’t give away this sensitive information, either verbally or by typing things into your telephone keypad.
Another attribute of a financial scam is being asked to withdraw money and then hand it over for safe-keeping. Never do this.
If the caller tells you that you are the victim of a fraud, offering to send a courier round to collect your cash, PIN, payment card or cheque book, refuse this offer, call your bank and report the fraud.
With fraudsters becoming increasingly sophisticated, to evade bank and police evasion, it’s crucial to stay aware of the techniques they use and keep your money safe.
