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thinkmoney Online Account Management:

News Article

Phishing scam: fraudsters are now recording your phone calls

Published 1 April 2016 by

Phishing is a common technique used by fraudsters to try to trick victims in some way. It involves contacting people via text message, email or letter to get them to click on a link, open an attachment or part with money. One common form of phishing sees scammers pretending to be from their victim’s bank and asking them to get in touch using the number provided.

Up until now, the next part of this scam has been relatively straightforward. The unsuspecting victim gets put through to a fraudster and in thinking they’re speaking to their bank, gives out their banking details. But the latest version of this phishing scam shows that conmen have taken things to another level and are now recording your phone conversations instead.

Recording scam

Just as we’ve seen before, this scam starts in the same way as many others with a fraudster getting in contact by text, letter or email. They pretend to be from the victim’s bank and request that they get in touch via the telephone number provided.

When the victim phones the number they’ve been given, the conmen then redirect them to their actual bank. While this is happening, the fraudsters record the call being made and listen to the conversation that takes placing. This allows them to hear and make note of the victim’s personal details and security answers.

This information is then used by the scammer to phone the bank back later on. They pretend to be the customer and arrange for a range of payments to be made from the account. In another form of the scam, a victim was contacted directly by the conmen who pretended to be from the bank and requested further details so that they could valid further transactions.

Don’t fall for it

In recent months, Action Fraud has reported a large increase in cases of this scam. Make sure you’re not the next victim of a scam like this by following these tips.

• Never give out personal or financial details to someone calling out of the blue.

• When speaking to your bank, ask for confirmation of any possible communication that was sent to you, before you give out any of your personal details.

• Always call your bank on a trusted number. This could be found on their website or any communication you’ve previously been sent that you know to be genuine, e.g. your bank statement.

• If you’re suspicious of any text, letter or email that you’re sent, you can go into a branch (if you have one nearby) to check its authenticity.

thinkmoney customers

Here at thinkmoney, we’ll always keep you in the loop about any changes made to your account. That’s why we’ll text you to update you of certain changes to your account, for example when a cheque has cleared or when your income has been paid into your account.

If you’re ever unsure of a text message that you receive from us, the best thing to do is get in contact with one of our Money Managers on 0161 779 5000 before you respond. They will be able to let you know whether we did actually send it and if there’s anything you need to do next.