Oct. 9, 2014 – The Week in Phone Fraud

This week in phone fraud news, UK banks have called for telecom reforms after an increase in vishing scams. TIME sheds light on the IRS phone scam and offers tips on how to stay safe.

On Monday, the Financial Times detailed a recent initiative in the UK asking telecom groups to reduce the time people can stay on the line after someone hangs up. Fraudsters are taking advantage of the long UK call clearing time by impersonating financial institutions on the phone. When a victim hangs up and calls their bank back to confirm that the call is real, the fraudster keeps the line open.

Also on Monday, TIME published an article discussing the IRS phone scam and tips on how to recognize a false IRS agent. One of the first giveaways is the caller giving a fake name; popular choices include “Steve Martin” and “Jack Dawson.”

Full Breakdown of This Week’s Phone Fraud News

Christian Science Monitor: JPMorgan Chase Hackers Strike Several More US Banks. How To Protect Yourself. – Oct. 9, 2014

Daily Finance: Double Scammed! New MoneyPak Con Targets Prior Fraud Victims – Oct. 9, 2014

Huffington Post: The Real JPMorgan Data Breach Danger Is Still on Its Way – Oct. 9, 2014

The Lawyer: Banks Launch Fresh Cybercrime Drive – Oct. 9, 2014 Telecoms Companies Cutting Time To Disconnect Calls In Attempt To Combat Bank Fraud – Oct. 9, 2014

Infosecurity Magazine: Fresh Vish: Phone Scams Splash Back on the Scene – Oct. 8, 2014 6 New Protections Against The Chase Mystery Breach – Oct. 7, 2014

IT Business Net: Breach Fatigue May be Putting Companies at Risk for Ransomware – Oct. 7, 2014

MarketWatch: Were You Affected By The Chase Cyber Breach? Good Luck Finding Out – Oct. 7, 2014

Financial Times: Banks Face Rising Threat From Cyber Crime – Oct. 6, 2014

TIME: Don’t Fall for the ‘Steve Martin’ IRS Phone Call Scam – Oct. 6, 2014

The Atlantic: Why the JP Morgan Data Breach Is Like No Other – Oct. 3, 2014

Associated Press: JPMorgan Breach Heightens Data Security Doubts – Oct. 2, 2014


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