The Financial Ombudsman Service (FOS) has published an insight report that reviews the complaints it has received about voice phishing, or 'vishing', and in particular 'no hang up' fraud. Vishing is the criminal practice of using the phone to defraud, dupe or mislead someone. A particular form of vishing is the 'no hang up' scam where fraudsters, usually posing as the police or a bank, persuade consumers that their account is at immediate risk and to move or withdraw their money to keep it safe. Using a trick to stay on the phone line, the fraudsters persuade consumers that they are talking to their bank directly and gain access to consumers’ private personal and financial information.
FOS typically upholds only 37% of these complaints in the consumer’s favour, broadly in line with the average proportion of complaints about banking that it upholds. In its review, FOS identified both good and bad practices by the banks involved but also identified areas where it considers that lessons can be learned so that banks can ensure they treat their customers fairly if they fall victim to these scams.
For the full report click here.