The dictionary describes vishing as “the fraudulent practice of making phone calls or leaving voice messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as bank details and credit card numbers”. Banking Ombudsman, Reana Steyn describes it as “a method used to trick banking customers into divulging their confidential banking details, to scam unsuspecting bank customers out of their hard-earned money.”
In a recent media release the Banking Ombudsman wants to warn customers, particularly in these tough economic times, when consumers are more vulnerable. According to the Banking Ombudsman the majority of internet banking fraud and credit card fraud cases opened by her office related to vishing fraud. This type of fraud targets everyone, from the more sophisticated bank customers who have access to internet banking, to all customers whose bank cards have the capability to make card-not-present purchases, such as credit and some debit cards. As a financial adviser it is also important to alert your clients about these scams.
Click here to read the article that also includes interesting case studies.
