Home / Telephone Banking Fraud is a scam which is becoming increasingly commonplace

Telephone Banking Fraud is a scam which is becoming increasingly commonplace

Source: admin Release Time: 22:10:11 2018-10-05

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 telephoning your bank or card provider.

They may prompt you by reminding you that the telephone number is on the back of your card. You end the call, find and dial the bank or card provider’s phone number and are asked a series of security questions and account details. However, the person on the other end of the call is not your bank or card issuer, but the fraudster who had just called you to tell you about the ‘problem’.

The Risks: 1.You provide your account details and answers to security questions to fraudsters.

2.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. 2.Report it to your relevant bank or payment card provider immediately.

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