Banking app scams are one of the latest ways in which hackers are targeting victims. People have lost thousands of pounds to these kinds of scams, but there can be a way to make a claim for damages and loss.
One of the common ways scammers are exploiting people is using a technique called ‘spoofing’. This can make the caller appear as the same number as a bank or a legitimate organisation, tricking the victim into believing that the call is legitimate.
In many cases, scammers get hold of the victims’ details from data breaches. They can then contact them and use real information to convince the victim that they are genuine. Victims can then be subjected to fraudulent transactions or being duped into handing over money or more information to be abused.
How banking app scams can work
Banking app scams can target people in the ways mentioned above, but they can also arise from fraudulent transactions that have already taken place.
Scammers can be bold and may contact a victim claiming that they are responding to real fraudulent transactions that have taken place and that they may already be involved with. The panic of this can then lead to a victim being more inclined to believe that the scammer is there to help them and this may lead to them falling for the real scam.
One popular scam that has been used many times before is where a scammer calls the victim and tells them that they need to move money to a new secure account that they (‘the bank’) set up to protect them from further loss. The number displayed on your phone may even match a real one, and even the hold music and everything about it can look genuine. Unfortunately, when you then move the money over to the ‘secure account’, you have just fallen victim to a scam.
How to stay safe
It is important to stay safe to avoid such fraud like banking app scams, and protect yourself online. We recommend that people use credit cards to purchase items online as this can offer better consumer protection if fraud happens, and it can also be easier to recover money. As well as this, we suggest that you frequently check your bank statement for any unusual activity and report any transactions that look fraudulent right away.
When creating online account passwords, it is vital that you use a combination of numbers, special characters and both upper and lower-case letters to ensure maximum safety. Having weak or easily guessable passwords can make you an easy target for hackers, and more vulnerable to fraud. When setting up accounts on multiple websites it is important to use different passwords for each one.
And when it comes to calls out of the blue about issues, always look up the number yourself and call them back to make sure – even if the displayed number and everything about the call looks genuine.
The importance of our work
Our work is extremely important for data security as we hold organisations to account when data breaches occur. Taking action is taking a stand – not only can it lead to justice for you as the victim, but it can also hopefully lead to better security moving forward as organisations will feel the cost of claims for compensation.
If you have been affected by a data breach banking app scams, please do not hesitate to get in touch for free, no-obligation advice. If your data has been compromised as a result of a data breach, that is when you could be eligible to claim compensation for losses arising from scams.
It is vital that, as data breach lawyers, we hold companies to account for any data breaches, data losses, or hacks, and we can offer No Win, No Fee representation for eligible clients.
IMPORTANT: advice on this page is intended to be up-to-date for the 'first published date'.
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