"You get a call from your bank and the informed voice asks to you to confirm the personal details they have on file, which you do. You are then asked whether you bought something at an electrical retailer recently for 120 and spent 235 in Birmingham, but neither transaction rings true. The caller tells you they have blocked the payments but they must now secure your account, and say they will send you a notification to approve, or a code to pass on to them."
"You feel under pressure to protect your money, so you do what is asked. Unfortunately, the person at the other end of the phone is not your bank but a criminal, and they have added your payment card to a digital wallet on one of their many smartphones. At some stage, your account will be emptied by purchases of expensive phones or designer clothes, which will then be sold on."
Victims receive convincing phone calls prompting confirmation of personal details and apparent transaction checks. Callers claim to block suspicious payments and ask victims to approve a notification or provide a code. Many victims comply under pressure, believing they are protecting their money. Criminals then add the victim's payment card to a digital wallet on a smartphone and later make high-value purchases to empty the account. Frequent routine warnings such as 'never share this with anyone' can desensitize customers and reduce skepticism. Banks report increased attempts using elaborate digital wallet fraud and have introduced new security measures to counter the threat.
Read at www.theguardian.com
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