This post was originally published on Finextra (Security)
Bank of Ireland is warning customers about a dramatic increase this week in reports and cases of an attempted ‘safe account’ scam.
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Customers should be on particular alert for fraudulent texts that attempt to lure them into to calling a fake ‘bank’ phoneline – where the account holder is then duped into transferring funds to their secondary account, in most cases Revolut, and in turn a ‘safe account’, which is controlled by a fraudster.
Reports of the scam to Bank of Ireland’s fraud line and Text Checker service have been on the increase since the start of the year and this week have shown an alarming increase, with daily reports this week over 10 times the number of those reported weekly in April and May.
How it works:
Customer gets a text message to their phone, requesting that they call a phone number about a suspicious transaction/or activity.
The texts claim to be from Bank of Ireland and can drop into the thread of a genuine BOI text: “Did you login from a new device?”; “Do you recognise this transaction?”; or “A transaction for
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