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72% fall in telephone banking fraud attempts recorded by HSBC UK

News View by News View
February 17, 2022
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HSBC UK has recorded a giant fall in fraudsters trying to get via its safety techniques by phoning the financial institution pretending to be its prospects.

The financial institution’s voice biometrics system, Voice ID, recognized 370 calls made by fraudsters in January 2022 – down by 72% from 1,340 in January 2021.

In whole, round 7,000 fraudulent calls have been recognized by the financial institution in 2021, down from 11,905 in 2020.

Voice ID is used to confirm prospects utilizing HSBC UK’s phone banking service.

The expertise detects if the voice matches that which is held on file for the shopper and so signifies whether or not or not the caller is real.



Though phone fraud is reducing, APP (authorised push cost fraud or financial institution switch) scams are on the rise so it is vital for purchasers to remain vigilant

Dave Callington, HSBC UK

Round 50,000 fraudulent calls have been recorded by Voice ID for the reason that introduction of the expertise in 2016.

The financial institution stated the variety of phone cost fraud victims it recorded final month was additionally down by 60% in contrast with January 2021.

Prospects have to decide in to Voice ID to make use of it and three.2 million prospects are presently registered.

David Callington, head of fraud at HSBC UK, stated: “Fraudsters might try and impersonate prospects by stealing or guessing private info to move safety checks – nevertheless it’s extraordinarily troublesome to copy somebody’s voice.”

He added: “It’s a relentless problem to maintain forward of the scammers. Though phone fraud is reducing, APP (authorised push cost fraud or financial institution switch) scams are on the rise so it’s vital for purchasers to remain vigilant.

“While now we have an skilled workforce detecting fraud, prospects might help themselves by registering for Voice ID and persevering with to be aware of all rip-off warnings when finishing funds on-line.”

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