Equifax comments that £23.6m lost as fraudsters continue to trick consumers
John Marsden, identity and fraud expert at Equifax comments on the Financial Fraud Action report revealing £23.6m was lost to fraudsters last year as consumers were tricked into transferring money directly to them from their own bank account.
John said: “Despite the efforts of the anti-fraud community individuals are still falling foul of scammers using a basic approach towards a victim. Fraudsters have to work harder to compromise organisations, however, using social engineering and a little knowledge they are still effective at breaching the weakest links in the armoury, the people.
“People should never take instructions regarding financial dealings from an inbound call, email or text. They should always verify the call through direct outbound contact on a number they know belongs to their bank. It does not matter how credible or compelling a caller can make the call to action, time must be taken to verify the instruction. Financial institutions are working hard to communicate safety measure to their clients but the statistics show that further education is still required.”