Keeping you and your money safe is our top priority, and we have stringent safeguarding measures in place to help protect all our customers. But there are also steps you need to take to protect yourself from fraud.
To help you identify potential scams and stay safe, we’re publishing a series of articles on fraud protection. This article looks at number spoofing scams.
What is a task scam?
Number spoofing scams are a form of impersonation fraud and involve bad actors disguising their real phone number so that it appears as though a call or message is coming from a trusted source, such as your bank, a government body, or even someone you know. This is done by manipulating the caller ID that appears on your phone.
Because the number looks familiar or legitimate, victims are more likely to answer the call or trust the message. Scammers use this trust to persuade individuals to share sensitive information, confirm security details, or transfer money.
Many of us are used to glancing at the caller ID to quickly determine whether a call is important, leaving us exposed to those who would seek to manipulate this information with widely available technology.
An example of a number spoofing scam
Helen had recently spoken with her bank about unusual activity on her account, so she was already alert to potential fraud. A few days later, she received a call from what appeared to be her bank’s official phone number, the same number printed on the back of her debit card.
The caller introduced himself as a member of the bank’s fraud team and explained that suspicious transactions had been detected. He spoke confidently, used the correct bank terminology, and reassured Helen that he was calling to help secure her account.
To ‘protect’ her money, the caller instructed Helen to transfer her funds into a new ‘safe account’ while the investigation was underway. He explained that this was a standard procedure and urged her to act quickly to prevent further losses.
Because the number matched her bank’s official contact details and the situation felt urgent, Helen followed the instructions and transferred the money.
Later that day, Helen contacted her bank directly to check on the status of her account. It was only then she discovered that the call had not come from the bank at all. A scammer had spoofed the bank’s number to make the call appear genuine. By the time the fraud was identified, the money had already been sent to a fraudulent account.
Five tips on how to protect yourself from number spoofing scams
1. Don’t rely on caller ID alone
Just because a number looks familiar or legitimate does not mean the call is genuine. Scammers can make calls appear as though they are coming from trusted organisations, so it’s important not to rely solely on what you see on your screen.
2. Take control of the conversation
If someone calls claiming to be from your bank or another organisation and asks for personal information or requests a payment, end the call. Contact the organisation directly using a trusted number from their official website or documentation.
3. Be wary of urgent requests
Scammers often create a sense of urgency to pressure you into acting quickly. If you are asked to move money, share sensitive details, or make a decision immediately, take a moment to pause and verify the request.
4. Avoid sharing sensitive information
Legitimate organisations will not ask you to share full passwords, PINs, or one-time passcodes over the phone. If a caller requests this kind of information, it is a strong indication that the call is fraudulent.
5. Stay informed about scam tactics
Understanding how scams like number spoofing work can make it easier to recognise them. Fraudsters are constantly evolving their tactics, so staying aware of common methods can help you avoid becoming a victim.
If someone targets you
If you suspect you are being targeted or have fallen victim to a number spoofing scam, it’s important to act quickly. Stop any further communication and avoid making additional payments.
Contact your bank or financial provider immediately, as they may be able to help prevent further losses and secure your account. It’s also important to monitor your accounts for any unusual activity.
If you have lost money to a scam, you should report it to Action Fraud immediately, by calling 0300 123 2040 or by using their online reporting tool, and you can report it to the FCA.
If you’ve been a victim, you can also get free specialist help from Victim Support.
More information on number spoofing scams
Some of the organisations and websites we’ve listed above provide a wealth of information, guidance and resources to help you stay safe.
As well as checking the FCA’s Register and Warning List, you can also find other information for consumers and firms on the FCA website.
Finally, we’re always more than happy to help our customers. If you’ve got any concerns or questions about the security of your Currencies Direct funds, or need guidance in relation to a transfer, please do get in touch.
You might also want to read our article on payment diversion scams, as the two types of scams share similarities regarding impersonation and fraudulent payment requests.
