Phone scammers rake in nearly £24m in one year

Posted by Michael Bolt in Identity Theft on 8 December 2014 - Michael worked as a Credit Analyst at checkmyfile until 2015

The amount obtained by telephone scammers from innocent consumers this year has reached £23.9m, according to recently released statistics. This represents three times the losses incurred to the practice in 2013 - underscoring the rising problem of fraudulent cold-calling.

Concerns about the risk of internet-based fraud have increased in recent years. Additionally, the number of people targeted via telephone is also increasing. Some 58% of people have received suspicious phone calls seeking personal and financial information this year, compared to 41% in 2013, according to the result of a recent survey. The ICM poll was conducted on behalf of Financial Fraud Action UK, an industry body who run fraud prevention services for the financial services industry.

‘Vishing’ or voice phishing has seen fraudsters impersonating bank employees, police offices or IT system providers in order to obtain card details, PIN numbers or passwords from their victims. A tactic commonly used is to suggest that the victim has been the victim of fraud and to then convince them to hand over sensitive financial data in order to attempt to resolve the problem.

Some fraudsters have even encouraged their victims to call their bank in order to verify the identity of the caller – although when the victim ends the call, before the next call is placed the fraudster simply stays on the line and impersonates a member of staff at the bank.

Victims have been asked to transfer cash, make a cash withdrawal at the bank or to pass their bank card on to a courier. The survey results revealed the surprising degree to which individuals are willing to hand over sensitive personal data. A quarter of respondents failed to challenge a caller’s identity, despite being asked for sensitive financial information. Additionally, a startling one tenth of respondents stated that they would be prepared to hand over their bank card to a courier or transfer funds to another account if asked.

British banks and credit cards companies, in conjunction with the police, have issued a warning about the practice as part of a wider awareness campaign.

Perry Stokes, of the Dedicated Cheque and Plastic Crime Unit (a specialist policing unit), says, “Always be on your guard if you receive a cold call and are asked for personal or financial information, or to hand over your card or cash to someone. The bank or the police will never tell you to take such actions, so if you’re asked it can only be a criminal attack”.

Are linked addresses on your credit file a bad thing

Your Credit Report can surprise you: it can include reference to an address you have long-forgotten about or sometimes even an address you have never heard of, which is one of the reasons it’s important to check in every now and then.

Published on 30 Jul 2018 by Ian Carpenter

Full Article

Loan Fee Fraud: The £3.5 Million a Year Scam

For people facing financial hardship, sometimes taking out a loan to tide things over can seem like the most viable solution. But if you’re out of work or have a lower-than-average credit rating, it can be harder to get credit from mainstream lenders and mean that more expensive forms of finance in the sub-prime market are the only viable option. It often feels like a hopeless situation.

Published on 8 Jun 2018 by Jamie Mackenzie Smith

Full Article

Personal Data in the Wake of Facebook/Cambridge Analytica

Strange as it might sound to some, huge numbers of people routinely complete online surveys through Facebook to find out which football player they are most like, which Hogwarts house they should be in or how much money they will be earning in 2050. The truth is, every time you volunteer seemingly innocuous information or consent to share profile information with an app, your data is probably going somewhere to be used for another purpose.

Published on 17 Apr 2018 by Paul Anderson-Riley

Full Article

Identity Fraud: What To Do If It Happens To You

Year on year, there has been a substantial rise in the number of identity fraud cases being reported to organisations such as Cifas, the UK’s fraud prevention service. It’s no real surprise when you consider the crime can be committed from the comfort of someone’s home without ever having to risk showing their face.

Published on 6 Feb 2018 by George Coburn

Full Article

What's a Politically Exposed Person (PEP) & Why is it on my Report?

PEP stands for Politically Exposed Person, which would typically relate to an individual who has a prominent public title or function. If you receive this classification, often you will have to undergo additional security checks when applying for finance. Your credit file will tell you if you have been identified as a PEP, however for most people it isn’t something they’ll need to worry about.

Published on 8 Jan 2018 by Paul Anderson-Riley

Full Article

Brits continuing to fall for HMRC and Apple gift card scam

At the face of it, it seems a bit odd that the company responsible for collecting taxes would request payment from individuals in the form of an Apple iTunes gift card, but according to Action Fraud, this scam has continued to be profitable for fraudsters. The scheme first came to light in May last year and Action Fraud have received hundreds of complaints since then.

Published on 30 Jan 2017 by George Coburn

Full Article

Yahoo’ve been hacked – Yahoo in largest ever reported data breach

In the last two years, we have already been alerted to data breaches at Three Mobile, Tesco Bank, TalkTalk, Morrison’s, Steam and Sage, amongst others. The scale of these hacker attacks have varied. But none have come close to the newest report.

Published on 16 Dec 2016 by Ben Tumilty

Full Article

Lloyds bank letter scam

Millions of consumers have been warned to be vigilant and question written correspondence from their banks following a sophisticated scam which has targeted customers of Lloyds Bank.

Published on 12 Dec 2016 by Kirstie Brown

Full Article

Digital footprints - taking a step in the right direction

Credit reports and the internet are now not too far away from each other in evaluative skill, as there is a lot that can be learnt about an individual from their online presence.

Published on 1 Dec 2016 by Paul Anderson Riley

Full Article

Another giant data breach

Only last year a communications giant had a serious data breach, which left customer’s details in the hands of fraudsters. But following in Talk Talk’s footsteps, the mobile giant Three have revealed that over 400 phone handsets had been stolen thanks to a security breach where fraudsters were able to login to Three’s systems.

Published on 22 Nov 2016 by Ben Ryland

Full Article
keyboard_arrow_left

keyboard_arrow_right

We have loads of great customer reviews