Hot on the heels of the recent spate of cyber attacks comes Vishing, with fraudsters targeting UK businesses to redirect money from their accounts, and the figures involved can often be quite significant.
Nat West Bank have recently been advising their business customers about the scam and how companies can protect themselves from potentially getting caught up.
What Is Vishing?
With Vishing, a fraudster telephones you pretending to be from your bank. They very often research your business activities beforehand so they sound credible and knowledgeable about your organisation.
Typically, they will say they are from a bank department such as Fraud Investigations or Payment Clearing and will tell you that there is a problem with your account which can only be addressed by providing security credentials such as PINs, passwords and challenge and response codes.
For example, they may claim that smartcard codes are needed to re-authorise genuine payments that have been blocked in error. They may claim that access to your online banking has been frozen and that the service can only be restored by providing security credentials.
The fraudsters will then try and use any information you disclose to access your online profile and authorise bogus payments.
Tips To Avoid Vishing Scams
- Be suspicious of any telephone calls requesting details of PINs, passwords and smartcard codes.
- End the call immediately.
- Report the incident to your bank but use a different telephone line because the fraudster may try to keep the line open and intercept your call.
You can find out more about vishing and other tactics used by fraudsters by visiting the NatWest security website.