Telephone Scams – Know The Warning Signs

In light of a recent credit card scam highlighted by HSBC, we thought it may be helpful to highlight the dangers of such fraud by detailing the kinds of tactics employed in an attempt to trick people out of their own savings.

Landline telephones and the elderly

Landline telephones are becoming a popular target for scammers, as they often prey upon the elderly who are less likely to have a mobile phone. Fraudsters rely on the trust and exploitation of people who might believe that they are who they claim to be.

It is very difficult to verify the identity of a caller, and unfortunately, they may double down if their target shows signs of hesitation or confusion.

Scam tactics

Commonly a scammer will pretend to be representing a bank, utility company, or government department, such as the Inland Revenue. They often reel off some kind of scenario involving a lump sum that needs paying into your account, or news of an outstanding balance that needs to be settled.

They will either be pushy in trying to resolve the matter on the spot, or they may try and disarm you by being friendly and chatty as they work the conversation round to completing a transaction. Remember that you have every right to terminate the conversation at any point, even if it means hanging up.

Never divulge personal information

Even if you believe the caller is genuine, never allow the conversation to escalate to a point where they are attempting to extract personal information to you. Your bank will never cold-call you randomly with such information, and it would certainly never ask for the name on your account, branch details, addresses, PIN, account or sort codes.

If you don’t give your personal information away, there is no way they can scam you. If you attempt to get more details about them, chances are they are not telling the truth or they may even terminate the call themselves.

If you have seen through their scheme, it may be beneficial to try and find out more about them for you to be able to pass the story on when you report it to your bank. it could save other, more vulnerable people from being targeted.

Remember  – never, ever disclose:

• PIN, sort code, account, or credit/debit card numbers
• Three-number security PIN on the reverse of the card
• Account provider or branch address
• Date of birth
• Name and address
• National Insurance number

Inform your bank

If you have been tricked into giving any details away at all, inform your bank immediately. They will know what to do and may run through your recent transactions with you and send you a new credit or debit card by post.

If you have identified a scammer pretending to be a big-name bank or company, it would be advisable to inform them of the scam that is doing the rounds, as most will circulate a warning to customers to be on the alert. Every bank has a fraud department and they will be able to transfer you by telephone to the correct person to deal with this.

Action Fraud is worth contacting also, so they log and investigate tip-offs from the general public. If a situation has put you in immediate danger, do not hesitate to call the police.

Friends and relatives

If you look out for an elderly friend or relative, warn them about any scams doing the rounds. You may be more in the loop with such news than they are.

If you are managing any of their finances and you spot something that looks suspicious in their transactions, talk to them and see if you can find out whether or not it needs to be investigated further.

In conclusion

Some scammers can be very good at their job, but if you know what you’re listening out for then you should be able to happily send one packing. Just remember that a genuine bank never asks for private information out of the blue, and if you don’t provide it to them there’s no way they can steal from you.

Be vigilant but don’t let it worry you – knowledge is power, as they say!