Fraudsters on the phone tricked bank customers out of nearly £24 million last year by posing as detectives or bank staff.
The bogus callers call victims and request details of bank accounts and security questions so they can access any cash.
Financial Fraud Action UK says crooks have stepped up this type of fraud because elderly and vulnerable victims hand over their private details too easily.
The agency reckons the number of scam calls has tripled in the past year.
Police warning
Now, banks and the police are launching an awareness campaign to help potential victims receiving calls.
Some callers have lost up to £100,000 in cash held in their bank accounts, while others have been asked to go to a bank and withdraw all their cash. They are then met by a courier who accepts the package and disappears with their money.
Detective Chief Inspector Perry Stokes, who heads the cheque and card fraud team, said: “Never give someone your financial details and bank security information. The police and banks will never ask for it and if someone does, it’s likely they are a fraudster trying to scam you.”
The police and banks explain the crooks generally ask their victims to transfer cash to a new account because fraud activity has been detected on their existing account.
Warnings about bogus advisers
- Future Ready Partners/ mar-la Marketing Lab Consulting
Dealing with an unregulated firm
If you buy shares, save money or invest with an unregulated firm, you lose any protection offered by the Financial Ombudsman and the Financial Services Compensation Scheme. Broadly, you have no independent place to complain if the deal goes wrong and are unlikely to win any compensation.
Checking if a firm is regulated
Go to the Financial Services Register to check if a firm is regulated in the UK.
Reporting a suspected bogus adviser
Find out how to report unauthorised advisers on the FCA web site
