82% of population targeted by fraudsters at least once per month
Businesses are receiving calls from fraudsters impersonating their bank and duping them into allowing them access to their companies’ accounts.
Print28 September 2023
In the wake of a new wave of impersonation scams, Bank of Ireland has warned customers to be extra vigilant in their interactions with businesses online, and when responding to unsolicited or unexpected texts, emails or phone calls.
The current spike in fraudulent activity has occurred as Bank of Ireland launches a major national fraud awareness campaign to warn customers of the prevalence of fraud, with 96% of consumers believing they will be targeted in the next six months, and 82% saying they are targeted at least once per month.
The most common forms of impersonation fraud involve people receiving calls, texts or emails from fraudsters posing as a parcel delivery company (80%), a road toll provider (55%) or their bank (49%).
“Unfortunately, fraud and cybercrime have become part of people’s everyday lives,” said Nicola Sadlier, head of Fraud, Bank of Ireland. “Our research conducted by Red C* shows this, with 82% of people saying they are targeted by fraudsters at least once per month, and 36% as frequently as once per week. Most people who have been a victim of fraud said they fell for the scam because they were distracted or too busy at the time, which underlines the need for vigilance.”
Impersonation
“Impersonation is at the root of the majority of fraud in circulation for both our personal and business customers,” Sadlier added. “We are regularly seeing fraudsters sending texts posing as delivery companies, road toll and government agencies. Parents are being targeted by impersonating children in need of urgent help, to prey on their vulnerabilities and prompt a reaction. Businesses are receiving calls from fraudsters impersonating their bank and duping them into allowing them access to their companies’ accounts. These are cynical criminals, whose main goal is to access people’s bank accounts and steal their money.”
Sadlier’s advice is straightforward: “The message is: Stop, Think, Check – access your banking only through the official mobile banking app or website by typing in a website address and treat every unsolicited call, text or email as a potential fraud attempt.”
Reacting in the correct way
As fraud becomes increasingly prevalent in people’s lives, the majority of people now recognise a fraud attempt and react in the correct way, with 89% of people who were targeted by a call text or email saying that they realised very quickly that it was a scam, so they deleted or ignored it. However, given the large number of scams in operation, the fraudsters rely on a relatively small percentage of people falling for the scam for it to be successful.
If people suspect they have been a victim of fraud they should contact their bank immediately so that the bank can take action to stop a fraud in progress and try to recover funds. Bank of Ireland customers can call its Fraud Team 24/7, on the Freephone line 1800 946 764.
Bank of Ireland has now introduced a new national advertising campaign, reminding customers that fraudsters are active on a daily basis and to Stop, Think, Check in all transactions relating to their banking or personal information.
The bank is working with renowned cyberpsychologist Professor Mary Aiken, to build consumer awareness about fraud, and explain the human psychology used by fraudsters. The campaign will run for 14 weeks across radio, digital channels and social media.
*(Source: Red C National survey on fraud, conducted June 20- 23 2023. Nationally representative sample, all adults living in ROI aged 18+)
Related Articles
Dublin GAA star Hannah Tyrell opens Lidl Ireland’s new Kilcarbery store →
Maynooth University to host ‘New approaches in sustainable agriculture’ workshop today →
Tesco Ireland triumphs with eight awards at World Steak Challenge 2024 →
Fans 0
Followers