TSB has issued an urgent warning to customers about increasing frauds involving impersonation scams and victims losing as much as PS4000 on average.
The UK bank claims that impersonation fraud is responsible for one third (33 per cent) of TSB instances of fraud since the beginning of the calendar year.
TSB categorizes fraudulent impersonation as an act where an individual or criminal is able to impersonate an organization, business or an individual to be the main part of the fraud. This category was responsible for more than fifty per cent (52 per cent) of TSB customer transactions that were attributed to fraudsters in 2021.
Recent industry statistics reveal the constant risk of fraud. In under a year, more than PS2 billion in fraud cases were reported at Action Fraud.
TSB warns of an increase in fraud involving impersonation
Fraud committed by impersonators is the primary reason for these losses since the number of cases has increased by more than 300 per cent since the year.
Frauds committed through impersonation of banks are prevalent all over the world, comprising 24 per cent of the total fraud losses according to UK Finance’s most recent fraud statistics. In the case of TSB, this kind of scam accounts for 21 per cent of the losses.
TSB is also warning about the fraud committed by family and friends, which accounted for the second-highest amount of cases overall. It results in over PS1,200 being lost in each instance. Many of these involve cost-of-living fraudsters who are known to make dynamic text messages or emails asking for financial assistance while pretending to be a relative or a friend.
Additional figures released today reveal how PS6.7 billion of the cases had been disclosed to Action Fraud since April 2019.
Paul Davis, director of fraud prevention at TSB Paul Davis, director of fraud prevention TSB, says, “Households are bombarded by fraudulent texts, calls, and emails daily. We’re encouraging people to be wary of any unwelcome calls to avoid being a victim of fraud when the most impactful effects will be felt.
“We continue to be the only bank to protect customers from fraud losses, through our Fraud Refund Guarantee, which is as important now as it’s ever been to the lives of our customers.”
Also Read: PAYNT: LAUNCHES ACQUIRING-AS-A-SERVICE PLATFORM
Also Read: ARKANSAS FEDERAL CREDIT UNION: UPGRADES P2P SOLUTION TO ZELLE VIA FISERV
Also Read: SIGNATURE BANK: PROVIDES API FOR ACCESS TO FEDWIRE
