New telephone scam set to affect 25% of UK adults

About a quarter of all adults in the UK will find themselves at risk of being scammed by a new telephone scam that involves a scammer that poses as a legitimate caller in order to gain their confidence and get personal details from them. Often the scammer says that they are the police or from a bank.

According to the Financial Fraud Action UK, there has been a £36m increase in crimes committed over the past few years both via phone banking and online banking. This also includes online purchases and purchases made over the phone in which scammers pretend to fill out applications in order to gleam banking information.

About £7m of this amount has been attributed to a scam that is being referred to as ‘vishing’ according to the FFA UK which works hard to stop fraud from occurring in the financial services industry. Vishing is when a scammer calls on the phone pretending to be someone from a building society or bank fraud team or the police in an attempt to get the home owner to tell them personal or financial details.

About 22% of UK citizens have at some point been called and asked to reveal financial or personal information to the caller which means that they might be the victim of a scam if it turns out that the call was not made from a legitimate source. About 40% of all people in the survey admitted that it was hard for them to tell when a call was fraudulent and when it was legitimate.

In addition, the FFA UK believes that about one out of every 25 adults in the UK have already been the victims of a scam and about 40% of those who end up being victims are older than fifty years of age.