Watch out for “vishing” scams – if you’re a victim your bank probably WON’T pay out

People are losing thousands to the scam

Victims of so-called “vishing” scams are routinely being left out of pocket after their banks refused to compensate them.

The scams involve fraudsters calling and saying they’re from the police or victim’s bank telling them they’ve been a victim of fraud and asking them to phone the bank to transfer money out of their account. When the victim hangs up the phone to dial the bank, the fraudsters stay on the line and are able to trick them into thinking they’ve got through to their bank.

According to the Financial Ombudsman Service (FOS), in nearly two thirds of cases, banks did not compensate victims of “vishing”.

In the 200 examples the FOS looked at, victims lost up to £100,000 each, with banks compensating customers in only 37% of cases, saying in the other circumstances customers effectively gave their own money away.

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