According to a research conducted by the Financial Ombudsman Service (FOS), in nearly two-thirds of vishing cases, banks were not responsible for victims losses. The research looked at 200 examples of the telephone fraud, in which account holders lost up to GBP 100,000 each.
But it ruled that the bank was liable for those losses in only 37% of cases. In 63% of them, consumers were left without compensation, having, in effect, given their own money away.
Vishing (or voice phishing) occurs when fraudsters phone up, posing as the police or the victims bank. Last year the scam cost customers GBP 24 million, according to Financial Fraud Action.
Usually the fraudsters persuade their victims to move money from their account. The FOS found that 80% of consumers conned out of their cash were over the age of 55.
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