Saudi loses SR 500,000 after giving bank details on phone

A Saudi man lost his life savings when he shared his bank details with a caller over the phone. How to avoid it? Read here.

How did this happen?

According to the Saudi national, he received a call claiming that it was from his bank. He was asked to give details and later he was shocked to see a message from the bank that SR 500,000 had been debited from his account.

The local media reports that the victim is a 40-years old man, whose money has been deposited to an establishment’s account being held by a woman.

Which vital information was provided?

The man received the call on the landline where the person told that he was calling from the bank and is the bank employee. He told that it was necessary for him to provide the information as they are upgrading the system for the sake of security. The man thereby provided the bank details to him.

The IBAN and the PIN were provided by the man to the scamster. The scamster ended the call saying that a code would be sent to him. After a minute, the scamster called again and asked to reveal the verification code.

How to avoid it?

The only way to avoid this kind of fraud is not to share your bank details with anyone over the phone. If the person is calling from a bank, he already knows your details so you do not have to tell him.

Even if you have to share your bank details, never share your OTP-one time password or the verification code sent to your mobile.

The fraud happened when the victim provided the fake caller with his bank information and the verification code he received via a text message on his phone.

Source: Gulf News

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