Warning issued after fraudsters target high-value accounts for sophisticated scams

UK businesses, charities and other high-value bank account holders are being urged to be careful after warnings of a sophisticated scam.

Fraudsters make contact via phone calls and then take control of victims’ computers and online banking platforms, systematically draining their accounts.

Intelligence from the Cyber ​​Defense Alliance (CDA) reveals these criminals are using special software to steal tens of thousands of pounds, with some individual account losses exceeding £1 million.

Ahead of International Fraud Awareness Week, scheduled for 16-22 November, the CDA has partnered with fraud prevention service Cifas and banking trade body UK Finance.

The collaboration aims to raise public awareness of this special program.

The scam involves criminals posing as legitimate bank fraud teams. This scam allows victims to unintentionally gain access to their bank accounts and withdraw funds, often before account holders even realize their control has been compromised.

Victims are first contacted by phone, sometimes after receiving a message, by someone pretending to be from the bank.

The caller claims that there has been fraud on his account and that he needs to take immediate action and be directed to a fake website that appears to belong to his bank.

The victim is then asked to click a “chat” button. This secretly installs software that allows the fraudster to remotely access the victim’s device, including online banking.

If the bank sends a security code, such as a one-time password, to the victim’s phone, the scammer tricks the victim into sharing the code. This allows the criminal to move the money or create new payees.

In some cases, victims are even persuaded to set up call forwarding, which blocks genuine calls from their banks.

Being asked to call back to the number provided by the caller may be a red flag to look out for.

Garry Lilburn, CDA operations director, said: “If you receive an unusual text or call, take a moment to consider whether it matches your bank’s normal pattern of communication.

“If there is a problem, end the call and report the situation using your bank’s official contact methods.”

Mike Haley, CEO of Cifas, said: “Scammers are creating a false sense of urgency to exploit people’s trust and steal large amounts of money.

“Banks will never ask you to download software or transfer money to protect your account. If you receive an unexpected request, step back and ask the question before responding.”

Dianne Doodnath, director of remote banking channels at UK Finance, said: “Impersonation scams often start with a message or call claiming to be from a trusted organisation.

“Criminals may try to rush you by telling you your money is at risk. To protect yourself, follow the Get Five Things to Stop Scams advice: pause, check the source, and only respond using verified contact information.”

Those who think they have been defrauded should inform the bank and the police.

Here are some tips for organizations to avoid remote access bank scams: