Image of woman using a smartphone

This scam has had widespread coverage in the news over the last few days. According to industry-wide reports, individuals are receiving calls from fraudsters who claim to be calling from their bank. The caller will state that there is an issue with the victim’s bank account and ask them to move their money to a ‘safe account’.

Warning signs

You will be advised that there is a problem with your bank account – perhaps a security or technical issue – and requested to transfer your balance to a ‘safe account’. The caller will provide alternative details accordingly.

Unwitting victims have transferred large sums of money to the fraudster’s bank account under the impression they are doing so to protect their funds. In reality they are willingly giving their money away to a stranger.

How to protect yourself

Hang up the phone and never transfer your money to another bank account under instruction from another person, no matter how convincing they sound.

Please call your bank from another phone line to ensure you are speaking with the intended recipient, taking care not to be overheard disclosing any personal details.

Be aware that your bank will never advise you to transfer your money to a ‘safe account’. Ever.

  • Never divulge any PINs or online security credentials
  • Utilise your challenge word, this is designed for unprompted calls from the bank and it's your way of indentifying us - if you don't have this in place contact us to find out how to update your security details.

Quick Tips

  • Install anti-virus/firewall software on your devices and regularly update it.
  • Never reveal your card or online banking PIN. Ever. To anyone.
  • Choose strong passwords and do not use the same PIN and password for everything
  • Keep your bank updated with new contact details
  • Check your statements and report anything you do not recognise.
  • Securely store financial and other valuable documents such as your passport.
  • Ensure you dispose of documents diligently (for example, use a cross cut shredder to destroy statements when no longer required).

For more information on how to protect yourself, visit our Security Centre

  • Fraud is on the rise – don’t be a victim

    • Fraud
    • Insight
    • Banking
    • Banking
    • Account
    04 September 2019
    weekly update washington trade With email redirection scams on the rise, protecting yourself is a matter of some common sense and a few simple steps.
  • How to protect yourself from fraud

    • Fraud
    • Professional services
    • Sterling
    • Banking
    • Business
    • Overdraft
    • Insight
    • Family
    • Banking
    • Advice
    • UK
    • Account
    26 January 2018
    Don't Fall For The Invoice Scams The tricks criminals use to get you to trust them and five ways to protect yourself.
  • Seamless Security Through Voice Recognition

    • Innovation
    • Fraud
    • Innovation
    • Digital
    • Voice Biometrics
    • Financial Services
    • Insight
    • Technology
    • Cyber Security
    • UK
    • Account
    07 November 2017
    Seamless Security Through Voice Recognition Coutts is introducing new technology that will recognise the sound of your voice when you call