What does account takeover fraud look like?

Account takeover fraud is when criminals get unauthorised access to a person’s account and use it for some type of personal gain.

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Spot the signs
Top tips to avoid

Spot the signs of account takeover fraud

Step 1: Fraudster contacts you and tries to get access to your accounts

A criminal will call you unexpectedly pretending to be from your bank, the police or a trusted organisation. They might use real names that they have found on social media and might even call you on what appears to be the Bank’s customer helpline.

They begin casting a spell on you, putting you into panic mode by telling you that your account has been compromised and is no longer safe – they prey on you feeling stressed or scared.

The fraudster may tell you that you need to secure your account or that they need to move your money into a safe account.

They may try to access your account through our mobile app or online banking. Their aim is to get your online banking username and password so they can log in to your online banking or register for the mobile app on their own device and access your accounts.

Co-operative Bank online banking and mobile app

You do not need to be registered for our mobile app to become a victim.

Fraudsters often target people who do not have our mobile app as they are less familiar with how it works.

However, being a mobile app user has benefits and can help you to avoid fraud. This is because we alert you of any account changes such as a new device registering for mobile banking or a change of personal details.

Step 2: The fraudster persuades you to give them your security details

You feel a sense of panic and urgency.

The fraudster takes advantage of your vulnerability and persuades you to disclose your username and password which can be used to generate a 6 digit verification code.

Step 3: Verification code is sent by text message or email

If you disclosed your username and password, the fraudster will then continue to register for the mobile app or log in to your account on online banking using the details provided in panic.

You are sent a verification code by text message or to your email to confirm this is you.

The verification code is an additional layer of security to check that it is you using our mobile app – never share this with anyone who contacts you.

Step 4: Fraudsters convince you to share your verification code

The fraudster will then convince you to share your verification code so they can enter it on their own device - never share this with anybody (banks, police and other organisations will never ask for this code).

Never share your verification code with anyone who contacts you. If a fraudster gets it they can access your account and steal your money.

Step 5: If you share your code, the fraudster gains access to your account and can create payments

The fraudster gains access and can access your account.

They are then free to steal your money.

Top tips for avoiding account takeover fraud

Say no

Say no to callers asking for personal information. A genuine organisation will never ask to move your money or to share your details over the phone or email.
Do not feel pressurised by the urgency

Do not let the person on the phone pressurise you into giving your details quickly. If in any doubt, hang up and call the company back using their official number from their website. If the caller claims to be from the Bank or the police, put the phone down and call 159 where you will be safely routed through to our fraud team.
Do not rely on caller ID

Do not rely on the caller ID display on the phone to check if the caller is genuine. Fraudsters can manipulate this to impersonate trusted organisations.
Never share your verification code

Never share a verification code or PIN with anyone who contacts you, even if they claim to be from a reputable company or the Bank. Banks, the police and other organisations will never ask you to disclose your verification code or any other personal information.
Change your password regularly

We know it can be tempting to use similar passwords to make them easy to remember. But choosing strong passwords and changing them every few months helps to keep your accounts secure and can stop fraudsters getting access.
Look out for alerts from us

Being a mobile app user has benefits and can help you to avoid fraud.

This is because we alert you of any account changes such as a new device registering for mobile banking or a change of details so you can contact us if this was not you.

To opt in for push notifications on your phone, go to Settings, Notifications, then scroll down to find The Co-operative Bank and tap Allow Notifications.