AIB warning over surge in new fraud cases

AIB said it has also seen cases where fraudsters have persuaded customers to withdraw sums of cash, before arranging for this to be collected at an arranged location or from their home.

AIB has issued fresh fraud warnings after reporting a 59% surge in cases in July compared to previous months.

The bank said recent fraud intelligence recorded a significant rise in convincing text messages and phone calls from criminals impersonating trusted organisations. Case reviews also show continued instances of fraudsters arranging the collection of customers' bank cards and even quantities of cash under false pretences.

They said fraudsters are increasingly using sophisticated social engineering techniques to gain a customer's trust, before persuading them to transfer money, reveal security information, or hand over their card. 

Typically, customers receive a text message claiming to be from their bank or another trusted organisation such as a delivery company or Government agency. This text message is often followed up by a phone call from a fraudster who claims to be AIB staff, and who attempts to create a sense of urgency to convince the customer to act quickly.

Customers are being asked for security codes under the guise of cancelling fraudulent transactions. These codes are allowing a fraudster to enrol new devices and make payments from customer accounts. In other cases, customers are told that their account is compromised and they must move their funds to a so-called ‘safe account’. The caller will provide the customer with a new account, which is in fact controlled by the fraudster.

AIB said it has also seen cases where fraudsters have persuaded customers to withdraw sums of cash, before arranging for this to be collected at an arranged location or from their home. Criminals may claim the cash is required for an investigation, to protect the customer's funds, or to be lodged to their so-called new account. In some cases, customers have been advised to not tell legitimate staff the reason for their withdrawal or transfer. 

Head of Fraud Intelligence at AIB, Harold Perez, said: ‘‘We are seeing a notable increase in the number of customers being targeted in sophisticated text message and phone call scams. Fraudsters continue to adapt their tactics and are becoming increasingly convincing in the way they target customers. We are asking customers to ‘Wait a sec, double check’, before acting on any unexpected request. A genuine organisation will never pressure you into making immediate decisions about your finances.”