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Banks are not liable for vishing fraud compensations

Friday 10 July 2015 00:15 CET | News

People who are the victims of vishing scams cannot always rely on their bank to compensate them, a recent study shows.

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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Keywords: banks, vishing, scams, cybercriminals, web fraud, online security, digital identity
Categories: Fraud & Financial Crime
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Countries: World
This article is part of category

Fraud & Financial Crime






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