Spoof calls target bank accounts

Greece
Thu, 9 Jan 2025 7:41 GMT
Fraudsters pose as staff, guiding victims to divulge critical financial details for theft.
Spoof calls target bank accounts

A sophisticated phone scam, known as “caller ID spoofing,” has recently made its way to Greece, resulting in a staggering loss of €90,000 from a business owner in Volos. The fraud, already prevalent in the US and Europe, involves tricking victims into believing they are speaking with a legitimate bank employee, causing them to divulge sensitive information such as PINs, passwords, and other banking details.

In early January, the businessman received a phone call that appeared to come from his bank. The caller, a woman claiming to be a bank employee, informed him that his bank account had been compromised, urging him to change his PIN immediately to secure his funds. Trusting the caller due to the authenticity of the phone number, which matched his bank’s official contact, he followed her instructions.

After a brief conversation, the business owner unwittingly shared critical banking information, including access codes and passwords. This allowed the fraudsters to rapidly drain his accounts, transferring nearly €90,000 to unknown recipients.

The scheme relies on altering the caller ID so that it appears as though the phone call originates from the victim’s bank. While the banks themselves have not been breached, the technology used in this fraud makes it exceedingly difficult for customers to identify the scam, as the phone number they see on their caller ID seems genuine.

After emptying his primary account, the fraudster further manipulated the businessman into disclosing information about his other accounts across different banks, claiming it was necessary to protect those as well. By exploiting the victim’s trust and fear of security risks, the scammers were able to access all his banking details.

Concerned with the growing number of fraud attempts, Greek authorities have issued a warning to the public, specifically business owners, who are seen as particularly vulnerable to such fraud due to higher amounts of liquidity in their accounts.

The Hellenic Bank Association has urged customers to be extra cautious and to refrain from disclosing any personal or financial information over the phone, especially if requested in a manner that feels unusual. In addition, legitimate bank representatives would never request sensitive data like PINs or passwords.

If anyone suspects they have been targeted by such a scam, they are advised to hang up immediately and contact their bank directly using official contact details. 

Kathimerini

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