Simple bank scam

[Maik]

How fraudsters can pose as your bank for just £7.50

Criminal gangs are able to assume the identity of Britain’s biggest banks when sending scam texts for as little as £7.50, despite a crackdown on SMS fraud.

Fraudsters can sign up to legal websites and apps which hide their numbers in scam text messages and adopt the name of a big bank or other trusted organisations.

Criminals are able to spoof the identity of banks in this way, spending just £7.50 for 50 text messages that show up in inboxes carrying the name of trusted brands, experts have warned.

To the recipient, it will look as though the text is coming from their bank and appear in the same text message chain as authentic texts.

It comes despite the Government’s new fraud strategy outlined last month, which praised the telecoms industry for its voluntary efforts to filter out scam texts. However tests carried out by cyber security firms showed many scam messages are still not being blocked.

https://www.telegraph.co.uk/money/consumer-affairs/how-fraudsters-pose-bank-text-scammers/