As the rise in digital transactions continues, so does the sophistication of scammers. Recently, a concerning scam has been targeting individuals across Ireland, with fraudsters using clever tactics to bypass bank security measures.

How the Scam Works

The scam begins with a phone call from someone claiming to be from your bank’s fraud department. These callers are highly convincing and come equipped with personal details about their victims, such as names and the last four digits of their card. This information gives an air of legitimacy to the call, lowering the victim’s guard.

The Setup

• The caller mentions suspicious transactions, often on platforms like Ubereats or Revolut, and claims they occurred in a location like Belfast.
• They suggest your details may have been compromised through a data breach or phishing link.
• The caller then insists your card needs to be canceled and a new one issued immediately.

The Manipulation

To maintain their cover, scammers often say the call is being recorded for “training and quality purposes.” They continuously refer to “suspicious transactions” and claim that further investigations are underway.

The Key Move

The scammer’s ultimate goal is to bypass your bank’s two-factor authentication (2FA). Toward the end of the call, they will ask you to approve a verification notification sent to your phone. They frame this as part of the process to refund the fraudulent transactions or secure your account. In reality, this action authorizes the scammer’s transaction.

Real-Life Impact

In a recent case, a quick-thinking individual recognized the scam when prompted to approve a transaction through their bank’s app. They hung up, contacted their bank directly, and discovered that fraudsters had attempted to make unauthorized transactions using their card details. Thanks to their vigilance, the bank canceled the compromised card before any money was lost.

Warning Signs to Watch Out For

To protect yourself, be aware of these red flags:

1. Unsolicited Calls: Be wary of unexpected calls from people claiming to represent your bank.
2. Knowledge of Personal Details: Scammers often have basic information like your name or partial card details.
3. Urgency and Pressure: Fraudsters create a sense of urgency, insisting that immediate action is required.
4. Requests to Approve Transactions: Banks will never ask you to approve transactions you didn’t initiate.
5. Unusual Locations: References to transactions in places you haven’t been, like Belfast, are a common tactic.

How to Stay Safe

1. Verify the Caller: Hang up and call your bank directly using the number on the back of your card. Do not use numbers provided by the caller.
2. Don’t Share Codes or Approvals: Never approve a transaction or share a one-time password (OTP) unless you initiated the action yourself.
3. Enable Notifications: Ensure your bank sends alerts for all transactions. This way, you can quickly spot any unauthorized activity.
4. Stay Skeptical: If something feels off, trust your instincts and investigate further.

Reporting Scams

If you believe you’ve been targeted by a scam, take the following steps immediately:

• Contact Your Bank: Inform them of the incident and cancel any compromised cards.
• Report the Scam: Contact An Garda Síochána or report the incident through FraudSMART, Ireland’s fraud prevention initiative.
• Warn Others: Share your experience to raise awareness and help others avoid falling victim.

Final Thoughts

These scams are becoming increasingly sophisticated, making vigilance more important than ever. By understanding the tactics used and staying alert, you can protect yourself and your finances. Remember, your bank will never ask you to approve a transaction that you did not initiate. If you receive such a call, hang up and verify directly with your bank.

Stay safe, and don’t let fraudsters ruin your peace of mind.