A well-known bank’s fraud department leader was impersonated by fraudsters, resulting in one client losing a staggering £60,000. The victim, a Santander customer, received a text message requesting her to verify a £500 transaction. She replied with “No” but subsequently received a phone call from a counterfeit Santander number. The individual on the call falsely claimed to be Chris Ainsley, the Head of Santander’s Fraud Team.
Fraudster Directs Victim to Shift Funds to “Secure Account”
The fraudster informed the victim that more transactions were being attempted and a “secure account” had been established for her protection. He instructed her to transfer her current account balance to the new account as quickly as possible. After confirming Chris Ainsley’s identity on LinkedIn at the request of the impersonator, the victim transferred over £60,000 to the criminal’s account.
To maintain the deception, the fraudster also instructed the victim to provide misleading information to the bank about the real reason for her payments. The fraudster then terminated all contact with the victim. A few days later, when the victim had not received her new online banking credentials, she contacted the fraud department. They informed her that she had fallen victim to a scam.
Santander Reimburses Customer
Santander refunded the customer and disclosed that its fraud department leader had been impersonated. This on the same day the government announced new anti-fraud measures, including a prohibition on cold calling. The bank reported an 11% rise in impersonation scams during the first quarter of 2022 compared to the same period the previous year. Santander documented £10.2 million worth of impersonation scams from January to March, with the average reported loss per customer £6,906.
Chris Ainsley, the actual Head of Fraud at Santander, stated, “Criminals are relentless in their efforts to deceive victims, and as someone working alongside colleagues at Santander to safeguard customers from fraud, discovering that fraudsters were impersonating me was quite a shock.
New National Fraud Prevention Strategy Introduced
Simultaneously, the government revealed a new national fraud prevention strategy that involves blocking fraudulent emails and communications at their origin. Thus allowing the delay of suspicious payments. Cold calls related to financial products will be prohibited. Plus the regulator Ofcom will implement new technology to combat number “spoofing,” where criminals mimic legitimate UK phone numbers.
A significant part of the new strategy focuses on preventing fraudulent emails and other communication methods from reaching potential victims. By implementing advanced email filtering technologies and working closely with email service providers, the government aims to identify and block such messages before they reach their intended targets. This proactive approach will help reduce the number of individuals exposed to scams and minimise the success rate of fraudsters.
Fraudster Terminate Contact after Victims Transfer Funds
After victims move their money, the fraudster will cease all communication, leaving the individuals without access to their funds. Frequently, victims cannot recover the funds because they only notify their bank after the transfer has already occurred.
To guard against such scams, people should be cautious when they receive unanticipated contact from their bank, urging prompt action. If you believe you’ve fallen victim to an impersonation scam, inform your bank immediately. Instead, pause, wait five minutes, and call the bank by dialling 159 or using the number on the back of the card.
Preventing Scams with Fraud Prevention Information
In this case, the victim was lucky to receive a swift and uncomplicated refund. This has not always been the outcome in previous incidents of a similar nature. The innovative use of LinkedIn to establish trust with the victim highlights a new development in tactics employed by fraudsters. As has been pointed out numerous times, these criminals are constantly evolving. Searching for new and creative ways to refine their scams. As a result, it is reasonable to expect that platforms like LinkedIn will be increasingly utilised in future impersonation scams.
The victim would have avoided this sophisticated scam had they possessed basic fraud prevention information. We can significantly reduce the number of such cases by effectively informing and educating people about the straightforward principle that banks will never ask customers to move funds. Providing individuals with the necessary information and tools to recognise potential scams could halt a considerable majority of these incidents before they have the chance to do any harm.
