In Focus Consumer Credit
Socially engineered fraud shows a spike
Warnings are issued over ‘festive fraud’ following a sharp rise in facility takeover scams
Mike Haley Chief executive, Cifas
Our latest statistics show a worrying increase in the number of victims of facility takeover in the telecommunications and retail sector. Cases recorded to the National Fraud
Database for facility takeover, where an existing facility such as a retail account or telephone contract is hijacked by a fraudster for their benefit, increased by 19% during the first nine months of 2020 compared to the same period in 2019. The majority of these cases indicated
that the telecommunications and retail organisations were the main sectors targeted by this fraudulent conduct.
Social engineering The most common way that accounts are taken over is through social engineering, where victims believe they are dealing with legitimate companies and individuals and reveal personal or financial information. Criminals then use this information to
conduct fraudulent conduct, such as ordering mobile phones on a customer’s account – an activity which increased by 145% in this period. The retail industry has also seen rises,
with cases of this fraudulent conduct increasing by 215%.
Sophisticated Techniques used by criminals are becoming more sophisticated as they find new ways to circumvent security measures put in place by companies. Some criminal organisations now offer
subscription services to assist others looking to perpetrate these attacks.
22
www.CCRMagazine.com February 2021
Rising trend The rising trend of facility takeover comes as no surprise. We often notice a spike in this activity over the festive period, and so I would urge everyone to remain vigilant if contacted by anyone claiming to be from an organisation they trust, such as a bank, mobile-phone company, or even the police. As Christmas approached, we saw a
spike in criminals impersonating delivery companies, often claiming homeowners have missed a delivery and need to provide details to pay for redelivery. Victims are often duped into sharing their bank details which are then used fraudulently.
The most common way that accounts are taken over is through social engineering, where victims believe they are dealing with legitimate companies and individuals and reveal personal or financial information
Suspicious If you are suspicious of anybody contacting you, take a minute and think before parting with your money or information. Challenge the person contacting you and
remember you can reject, refuse or ignore any requests you receive – only criminals would try to rush or panic you. If you do believe you have fallen for a
scam, contact your bank and any affected accounts to let them know and report it to Action Fraud. CCR
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52