Facility Takeover

What is Facility takeover?

Facility Takeover is one of several Cifas Fraud Types, where an existing customer`s facility (e.g. bank account) is hijacked by a fraudster and unauthorised transactions are made. For example if money is transferred out, the address on the account changed, or new cards requested.

According to Cifas, as of 2016 most facility takeovers are carried out over the phone, with fraudsters using personal information they’ve obtained. They attribute the reason behind phone fraud being so prevalent as a result of tightened online security settings becoming widespread.

Cifas members record and share information about suspected frauds between themselves to combat crime and to keep the cost of credit down for consumers.

Jargon Buster

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