According to the HSBC, fraudsters have attempted more than 1,000 phone banking fraud attempts per month. A scam language library is also kept if you try again
- The bank identified 17,000 fraudulent phone calls in 2019
- This was more than twice as much as 2018, in a month it was 1,800
- It said it had prevented access to customer deposits of £ 395 million
- Banks have been targeting telephone banking fraud lately, largely due to the fact that passwords have been replaced by measures such as Voice ID
According to HSBC, fraudsters made at least 1,000 attempts to access customer accounts over the phone each month last year. The bank giant has kept a library of fraudulent votes if they attempt multiple frauds.
The high street banking giant with around 14.5 million customers said they identified 17,000 fraudulent phone calls in 2019 – a record – and more than twice as much as in the previous year.
HSBC said the increased number of fraud attempts is likely due to “a significant number of high-profile third-party data breaches, phishing emails, and fraud text messages that have occurred in recent years.”
Telephone bank fraud occurs when a fraudster tries to log into a customer account over the phone after likely getting his information through a data breach or phishing link
The bank said it has identified more than 29,000 telephone banking fraud attempts in which a fraudster has tried to call a customer over the phone to withdraw money since it introduced Voice ID in 2016.
With this technology, customers can exchange their telephone banking password for their voice and log in in this way.
In addition to HSBC, Barclays and Santander also offer the service that, according to banks, is easier to remember and more secure.
More than 2 million customers of the bank have registered to use their voice as a password. A quarter of them signed up in 2019. HSBC said it added 16,000 customers a week.
HSBC said customers’ money worth over £ 395 million was protected in 2019 thanks to its Voice ID service, which identifies fraudulent callers.
The bank informed This is Money that it had maintained a library of usual suspects and saved the fraudsters’ speech patterns so that it knew if they were trying to log in to a customer account again.
HSBC said: ‘After the account details are entered, a customer says the phrase “My voice is my password” before having access to their account.
‘This process means that customers are much less likely to remember their password, which significantly reduces the likelihood that they will have to go through manual security or reset their password.
‘As soon as the customer is registered for the language ID, the system carries out further analyzes and checks them in the background as an additional security level.
“This review takes place to ensure that the registered account holder starts and is the constant caller, and to check with a library of fraudsters.”
The cast of the 1995 film The Usual Suspects. HSBC said it had maintained a “library of fraudsters” in the event they ever attempted to access a customer account more than once
Remote banking fraud losses are decreasing
The increasing introduction of stricter and more sensitive security measures has attributed the slowdown in fraud rate and level of losses to what is known as “unauthorized” fraud, in which fraudsters take advantage of data breaches and use stolen or forged details to try to log on to bank accounts Customers.
While the number of remote banking fraud cases increased 18 percent to 18,820 between the first half of 2018 and the first half of last year, losses decreased from GBP 91 million to GBP 65.7 million.
UK Finance, the banking trade organization that released the numbers, said they were “good evidence that banks can better stop this type of fraud”.
In the same period, when it was purely a matter of attempts at telephone bank fraud, cases increased by 59 percent to 5,522, but losses only increased by 2 percent to £ 11.6 million.
He added: “These numbers show that despite an increase in criminals’ attempts to conduct telephone bank fraud, such fraud cases are detected earlier – this is due to technologies such as voice biometrics or those that recognize the different tones that each phone and the environment in which it is located prevents large sums of money from being stolen. ‘
Kerri-Anne Mills of HSBC said: ‘The introduction of Voice ID has not only made access to their accounts more convenient for customers, but has also helped stop more attempts at phone fraud than ever before and protect customers’ money.
“We are now registering around 16,000 customers for Voice ID every week. The technology continues to play a major role in the fight against fraud and offers a library of fraudulent voice prints that can be used to match new incoming calls.”
This is money five of the most current accounts
Santander’s 123 Lite account will pay up to 3% cashback on household bills. There is a £ 1 monthly fee and you need to sign up for mobile or online banking regularly, deposit £ 500 a month and hold two direct debits to qualify.
NatWest’s reward silver account Offers one £ 175 incentive to switch to new and existing customers as well Insurance coverage for travel in Europe. Customers can also earn rewards that can be redeemed for cash or gift cards.
Club Lloyds checking account offers advantages like Movie tickets, magazine subscriptions and meal cards to current account holders. There is no charge if you pay £ 1,500 each month, otherwise a £ 3 fee will be charged. Must hold two direct debits to earn monthly loan interest.
HSBC advance account offers £ 175 in cash if you switch there. The account has a start overdraft facility of GBP 1,000 and a regular savings account of 2.75%. There is no monthly fee, but you must deposit £ 1,750 a month into the account.
Nationwide FlexDirect Account comes with 5% interest up to £ 2,500 – the highest interest rate on a checking account – if you deposit at least £ 1,000 each month plus a free overdraft facility. Both benefits last for one year.