Telephone scams

​Don’t become a victim of telephone scams. Read some top tips on how to avoid this type of scam

28th August 2013: Financial Fraud Action UK (FFA UK)* has released new fraud intelligence highlighting a particular type of phone scam in which fraudsters are targeting individuals to deceive them into revealing personal and financial information - or make payments into fraudsters’ accounts.  

Findings show that one in twenty people in the UK admitted to being a victim of telephone scams, also known as ‘Vishing’ and 43% of those victims are aged over 50 years old.  Early estimates indicate that at least £7m worth of fraud over the last year may be attributed to this scam.

A quarter of people in the UK (23%have received a cold call requesting personal or financial information, putting them at risk of becoming a victim of this type of telephone scam.  Four in ten people (39%) admitted they found it challenging to tell the difference between a genuine and fraudulent call.

So what exactly is Vishing?

Vishing involves a fraudster making a phone call to a potential victim, either posing as someone from a bank or building society, police or another legitimate organisation. They attempt to obtain financial information and often trick the victim into transferring money themselves from their online bank account to one which is accessible to the fraudster, often at another bank.

In order to help prevent you from becoming a victim of Vishing, here are some top tips:

• Be wary of unsolicited approaches by phone

• Never disclose your memorable data, pass number or card reader codes when you receive an unsolicited call

• Be aware that fraudsters may suggest you hang up the phone and call back on a trusted number when in fact they keep your phone line open by not putting down the receiver at their end. If this is suggested, use a different phone line to return the call

• Your bank or building society will never ask you to withdraw money to hand over to them

• Your bank or building society will never ask you to transfer money to another account

Read more about the Financial Fraud Action UK’s campaign to combat telephone scams on their dedicated website.

*Financial Fraud Action UK is the name under which the financial services industry co-ordinates its activity on fraud prevention, representing a united front against financial fraud and its effects. More information can be found on the FFA website


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