Bank fraud and mobile phone warning

[RogerS]

Well worth listening to the first item here http://www.bbc.co.uk/programmes/b06w53bh

It's about the ease with which a fraudster was able to bypass the two-part security by persuading the mobile company to re-register a new SIM card thus ensuring that the security code texted by the bank went to the fraudsters phone. As far as I can see there is little you can do to prevent this happening to you as it relies on social-engineering and the reaction/attitude of the individual call-centre operator at your mobile company.

 

[mind_the_goat]

This was a bit worrying, but they did say the bank spotted the transaction anyway and took appropriate steps to stop it.
It wasn't clear in the piece if the woman's mothers maiden name was actually the same as hers, in which case a lucky guess on the criminals part, or if the phone company operative just didn't actually listen to the answer and assumed a confident replay was a correct one. It certainly highlighted poor procedure from the second telephone company operative and it was clear if this hadn't been picked by the bank that the telephone company were responsible.
Has a few attempts on our cards recently, both picked up by banks, one for 4 figures. Not sure how this was done but good to know banks are picking these up quite often.

 

[ChrisR]

Glad I don’t understand or have any of this mobile phone technology, my long haired boss (wife) just goes to the bank and carries out any required transaction over the counter.

A few months ago I was in the bank setting up a new investment account. After that was complete I asked the accounts manager what on line banking was all about. His reply was, that I was safer not getting involved with it. :shock:

Our bank has now gone over to automated service within the banking hall, my wife refuses to use it, if she is
approached by a staff member who tries to get her to use it, she uses the stock answer I gave her. :twisted:

“So you are trying to destroy your own employment, your union must be very proud of you”.

Take care.

Chris.

 

[RogerS]

Interesting but just heard about a similar bit of social engineering being done for those people using a landline rather than a mobile phone to do the four-digit check. The fraudster rang up BT and told them that there was a fault and so could they 'divert calls to this mobile number'.