Fraudsters steal millions from UK businesses through remote access bank scam

• Victims tricked into handing over control of their accounts via fake bank websites
• Criminals use social engineering to bypass security and urge customers to provide second factor authentication codes such as one-time passwords
• CDA, Cifas and UK Finance rejoin forces to raise critical awareness

UK businesses, charities and other high-value bank account holders are being targeted by fraudsters using software to steal tens of thousands of pounds – with the amount stolen from some individual accounts exceeding £1 million, according to fresh intelligence from the Cyber Defence Alliance (CDA).

The scam begins with a phone call and ends with criminals taking full control of a victim’s computer and online banking. Targeted by fraudsters mimicking legitimate bank fraud teams, victims unwittingly grant access to their bank account and funds are swiftly drained – often before they realise they have lost control of their accounts.

In the run-up to International Fraud Awareness Week (16-22 November), the CDA has again teamed up with UK-leading fraud prevention service, Cifas, and national banking trade body UK Finance, to raise awareness of the latest threat.

How the scam works

Victims are first contacted by phone – sometimes after receiving a text – by someone pretending to be from their bank. The caller claims there has been fraud on their account and they must act urgently, directing them to a website that looks like their bank’s, but is actually fake.

Once on the site, the victim is asked to click a ‘chat’ button. This secretly installs software that gives the fraudster remote access to the victim’s device – including their online banking.

If the bank sends a security code (such as a one-time password – OTP – or similar) to the victim’s phone, the fraudster tricks them into sharing it. This allows the criminal to move money or set up new payees. In some cases, victims are even persuaded to set up call forwarding, which blocks genuine calls from their bank.

What to watch out for

• Calls claiming fraud has occurred on their account
• Instructions to visit a website and click a ‘chat’ button
• Requests for OTPs or to set up call forwarding
• Being asked to call back on a number provided by the caller

Garry Lilburn, Operations Director at CDA, said: “These sophisticated scams rely on psychological manipulation to bypass bank fraud controls. If you receive a message or call that feels unusual, take a moment to consider whether it matches how your bank normally communicates. If anything seems off, end the call and report it using your bank’s official contact methods.”

Mike Haley, CEO of Cifas, commented: “Fraudsters are creating a false sense of urgency to exploit people’s trust and steal large sums of money. Banks will never ask you to download software or transfer funds to protect your account. If you receive an unexpected request, take a step back and question it before responding.”

Dianne Doodnath, Principal of Remote Banking Channels at UK Finance, added: “Impersonation scams often begin with a message or call claiming to be from a trusted organisation. Criminals may try to rush you by saying your money is at risk. To protect yourself, follow the Take Five to Stop Fraud advice: pause, check the source, and only respond using verified contact details.”

Six ways to protect yourself from remote access bank scams

1. Hang up and call your bank back using a number from your bank card or app
2. Never trust a call just because it sounds professional – always verify the caller
3. Use 159 to connect directly to your bank’s fraud team
4. Never share OTPs or allow remote access to your device
5. Report suspicious text messages by forwarding them to 7726
6. Visit the Take Five to Stop Fraud website for further support and advice.

Anyone concerned they may have already been targeted, should contact their bank immediately and report to Action Fraud on 0300 123 2040.

ENDS

Notes to Editors

For more information about this press release, contact press@cifas.org.uk.

About Cyber Defence Alliance

The Cyber Defence Alliance (CDA) is a not-for-profit organisation. It performs a coordinating role, supporting banking members to prevent cyber-attacks, support law enforcement (LE) action, both collaboratively and proactively against cybercriminal networks, and helps prepare members to counter emerging fraud and cyber threats.

About Cifas

Cifas is the UK’s leading not-for-profit fraud prevention service with nearly 800 members from across key economic sectors including banking, retail, insurance, and telecoms. Cifas protects businesses and individuals from fraud through the sharing of data and intelligence sharing between the private, public and third sectors.

In addition to providing products and services which help businesses prevent more than £2.1bn in fraud losses each year, Cifas delivers specialist training through its Cifas Fraud and Cyber Academy and Digital Learning programme.

About UK Finance

UK Finance is the collective voice for the banking and finance industry. Representing more than 300 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation. 

Led by UK Finance, Take Five to Stop Fraud is a national campaign that offers straight-forward and impartial advice to help everyone protect themselves from financial fraud.

Contact us at press@cifas.org.uk