30 May 2017
Find out more

Vishing fraud nets £21 million in first five months of 2014

27 June 2014  |  6212 views  |  0  silhouette business man walking with suitcase

In the first five months of this year, some of the UK's main high street banks have reported losses of over £21 million from vishing attacks, wherein consumers are tricked into handing over personal financial information.

The fresh data equates to over 2000 vishing attacks resulting in an average loss of over £10,000 per victim.

It coincides with the launch of a new awareness campaign on the dangers of social engineering run by GetSafeOnline in conjunction with major banks, the National Fraud Intelligence Bureau (NFIB) and Action Fraud.

According to Financial Fraud UK, approximately 23% of people in the UK have received a cold call requesting personal or financial information, potentially putting them at risk of becoming a victim.

Alex Grant, Barclays managing director of fraud prevention, comments: "We've seen from our own interaction with customers who have fallen victim to social engineering frauds that the loss of hard earned savings causes great emotional distress, as well has having a significant financial impact. This is why raising awareness about social engineering scams and protecting customers from fraud is one of our highest priorities."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Consumer trust in banks wavers as card fraud rates rise

Consumer trust in banks wavers as card fraud rates rise

24 June 2014  |  9937 views  |  4 comments | 13 tweets | 10 linkedin
Fraudsters don fake uniforms to con wealthy bank customers

Fraudsters don fake uniforms to con wealthy bank customers

24 March 2014  |  4277 views  |  1 comments | 5 tweets | 3 linkedin
Fraud losses on UK cards on the up

Fraud losses on UK cards on the up

14 March 2014  |  8309 views  |  0 comments | 18 tweets | 15 linkedin
Vishing nets UK fraudsters £7m

Vishing nets UK fraudsters £7m

28 August 2013  |  5032 views  |  0 comments | 4 tweets | 3 linkedin
UK banks give cybercrooks impunity by failing to report fraud - MPs

UK banks give cybercrooks impunity by failing to report fraud - MPs

30 July 2013  |  6158 views  |  4 comments | 5 tweets | 1 linkedin
FBI warns of rise in vishing attacks

FBI warns of rise in vishing attacks

21 January 2008  |  10832 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.events.sap.comvisit dh.comDownload the paper now

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
15499 views comments | 54 tweets | 83 linkedin
Did someone cancel the fintech revolution?Did someone cancel the fintech revolution?
12483 views comments | 53 tweets | 39 linkedin
Bank of America preps data sharing serviceBank of America preps data sharing service
8474 views comments | 22 tweets | 19 linkedin
Digital payments to drive social justiceDigital payments to drive social justice
8309 views comments | 25 tweets | 12 linkedin
R3 raises $107mR3 raises $107m
8305 views comments | 17 tweets | 16 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job