Resolve to be scam savvy in 2024, Bank of Ireland urges vigilance

Always Stop, Think, Check

  • Bank of Ireland has seen a significant increase in the volume of purchase scams reported over the last 12 months
  • UK consumers are expected to have lost hundreds of millions of pounds to fraudsters during 2023*

Bank of Ireland is urging consumers to be more scam savvy in 2024 as scammers use ever more sophisticated tricks to convince them to part with their personal information and money.

The advice comes as the Bank says it has seen a significant increase in the volume of purchase scams, where consumers pay for fake or non-existent goods or services, reported over the last 12 months.  To help prevent consumers falling victim to scams in 2024, the Bank is recommending everyone makes it a priority to be scam-savvy:

  • NEVER reveal your online or mobile banking information to anyone – including PIN information, one time passcodes or authentication codes.
  • NEVER allow someone to take remote access of your PC or mobile phone.
  • NEVER click on links that appear within a text message. If an organisation asks for information from you by text message, search for the business using your browser and provide the information through their preferred channels listed on their website.
  • ALWAYS use secure websites (https) when entering personal information and check for encryption – a closed padlock icon should be present.

Joanne Duncan, Head of Financial Crime, Bank of Ireland UK said:  “Unfortunately, fraud and cybercrime have become part of people’s everyday lives.  While the majority of people recognise a fraud attempt and are increasingly reporting, deleting or ignoring them, most people who have been a victim of fraud said they fell for the scam because they were distracted or too busy at the time. Which underlines the need for vigilance.

“The first month of the year is an opportune time to remind consumers to be alert for scammers and their tricks, from fake emails (phishing) and text messages (smishing), impersonation scams on social media as well as phone calls, and to look out for new tactics such as ‘quishing’ where fraudsters are using QR codes to impersonate legitimate websites.  Even if a text message appears within a genuine thread with a reputable organisation don’t assume it’s genuine, because criminals can send text messages that appear within a genuine thread of text messages.

“At Bank of Ireland we continue to invest in fraud prevention and detection innovations and have a dedicated team of colleagues available 24/7 to provide immediate assistance for customers.”

“For 2024, our message is for consumers to Stop, Think, Check.  Access your banking only through the official mobile banking app or website by typing in a website address and treat every unsolicited call, text or email as a potential fraud attempt. Bank of Ireland will never ever ask you to move funds to a safe account, or ask for full details of authentication codes.”

Bank of Ireland Group is also working with renowned cyberpsychologist Professor Mary Aiken, to build consumer awareness about fraud, and explain the human psychology used by fraudsters.  Professor Aiken has recorded a series of online videos designed to give insights and tips to help people protect their own personal and financial details from fraudsters.  The series is available at: Stop. Think. Check – Bank of Ireland Fraud Prevention

More advice and information on fraud is available at: Security and Fraud – Bank of Ireland UK

Notes:

Half Year Fraud Report | Policy and Guidance | UK Finance|- £580m was stolen by criminals in the first six months of 2023.