Stuart Skinner, Nationwide’s head of fraud, shines a spotlight on vishing.
If someone came up to you in the street and said that in order to protect your money you needed to transfer it to another account, you’d probably just walk off. For some reason, many people don’t think twice when the same request is made over the telephone.
The problem is that fraudsters are increasingly sophisticated and very good at collecting information on you and your situation and therefore appearing to be genuine when they call you.
However, while the story may change in that they may claim to be from the police, your bank or building society or an IT provider, the outcome they want is the same, they want you to transfer your money to another account or they want access to your online banking so they can transfer the money themselves.
Our research found that a third (31%) of Brits would fall victim to this scam, known as Vishing, as they weren’t aware that the police, bank or building society would never, under any circumstances, ask them to transfer their money to another account if they had been a victim of fraud.
Interestingly, while older people are often seen as a soft target for fraudsters, it’s the younger generation who are twice as likely to be caught out by this type of scam, with half (52%) of 18 to 24 year olds saying they would transfer the money, compared to just one in five (22%) aged 55 and over.
If you are unfortunate enough to be a victim of fraud, your bank or building society will take steps to protect your account, this could include issuing you with new cards and PINs or getting you to reset your online banking credentials.
We will never ask you to transfer money to another account. If someone asks you to transfer money or asks for remote access to your computer, then it is almost certainly a scam. The best thing you can do is trust your instincts, if something doesn’t feel right, you can always hang up.
The Take Five campaign is all about taking the time to stop and think and avoiding financial fraud, you can find lots of tips on protecting yourself from fraud at takefive-stopfraud.org.uk.