Banking fraud is when criminals gain access to your bank account using your personal details and passwords, and take money from your account. Banking fraud can occur through three channels:
- Internet banking
- Telephone banking
- Mobile phone banking (in-app)
Criminals employ a range of social engineering techniques to trick you into giving away their personal and financial information, such as login details and one-time passcodes. They often impersonate trusted organisations – such as banks, HMRC, broadband providers – to get this information. They may also steal your personal information by intercepting your mail. The stolen details are then used to access your account and make an unauthorised payment.
Criminals may also try to gain access to your bank account through ‘remote access’, meaning they persuade you to give them control of your computer. Criminals claim to be providing support from an internet service provider, for example, and convince you to download programmes to your computer, giving them control of the device. They can then use this to access your accounts.
