Reported cashes of phone call fraud have increased by almost 80% during the first two months of the year compared to January and February 2024, according to AIB.

The bank has seen a sharp increase in reports of phone call or 'vishing' fraud, with overall vishing incidents up 79% year-on-year.

Such fraud attempts target both personal and business customers, with fraudsters more often using phone calls to target unsuspecting customers by claiming to represent reputable companies and financial institutions.

Common tricks used on these calls include offering a refund, claiming to stop a payment that is fraudulent, or even advising that they are going to fix an issue with the target's broadband.

Fraudsters will often ask would-be victims to download software to their device or to visit a ‘secure’ website.

By following the caller’s instructions, they are allowing them to take control of their device and by providing codes are allowing them to access their accounts and take money from them.

Businesses need to be aware of the threats associated with phone call fraud and ensure all staff who manage their accounts are aware of the risks of giving away information or downloading software.

One of AIB's business customers, who wishes to remain anonymous, was recently a victim of vishing fraud and has shared their story to alert other customers of these scams.

The business received a call to its landline on 17 February. The caller introduced himself as 'Gavin' from AIB's fraud team, and told the customer that there were two payments due to leave their account.

To make the story seem legitimate, 'Gavin' provided amounts and reference numbers for these payments.

When the customer told him she had not made these payments, ‘Gavin’ advised her with a sense of urgency that he would be able to get them cancelled but would need to take our customer to a secure webchat facility.

He advised them that this was for their security and swift action was required.

The customer was told to open the browser on her PC and type in a web address. In the moment and out of panic that fraud was occurring on her account, the customer followed Gavin’s instructions and visited a fake AIB website.

What she didn’t realise was that this site contained software that allowed ‘Gavin’ to access her PC. Unknowingly, our customer also provided security codes to the caller which allowed a payment of €41,000 to be made.

'Gavin' then called AIB’s Customer Engagement Centre posing as our customer requesting the payment be processed without delay. The AIB staff member immediately knew something was wrong, ended the call and contacted our genuine customer.

AIB said that customers need to be aware of the following to safeguard both their personal and financial information:

• End any unexpected calls. Contact the company on a known and trusted contact number to verify the legitimacy of the call.
• Never visit websites or download software to your device on the back of an unexpected call.
• Never provide login information, one-time passcodes generated by text message or codes from your Digipass or card reader device. These codes allow access to your account and allow money to be moved from it.
• Never move funds to a ‘safe’ account if requested to do so.
• Call the 24/7 AIB fraud helpline if you think you have been scammed.

”Fraudsters will use any means to steal your money. They will pose as legitimate companies or bank staff to trick you into downloading software and providing personal and financial information. They may even mimic a company’s genuine phone number. We urge people not to let their guard down and remain vigilant. Take a moment and ask yourself, could this be a scam? End the call immediately and verify its legitimacy on a known and trusted phone number.

"Where customers have been scammed, we will deal sympathetically with them on a case-by-case basis," said Mary McHale, head of financial crime at AIB.

"At AIB, we have a strong record in protecting our customers from fraud and we are continuously investing to enhance our fraud monitoring systems in response to new and existing fraud trends, and to educate our customers via online messaging, emails, and targeted social media alerts.

"Our fraud helpline is open 24/7, seven days a week to support our customers when they need us. We also work closely with industry stakeholders including telecommunications companies, the Banking and Payments Federation of Ireland (BPFI), and the Gardaí to detect and report fraud trends, as it’s only by communicating and coordinating across the whole of society that together we can be effective in combating these criminals.”

Photo: Mary McHale, head of financial crime, AIB. (Pic: Shane O'Neill, Coalesce)