Fraudsters will use movement of bank accounts to target consumers

The public are being warned to be extra vigilant for fraud as the mass movement of bank accounts accelerates with Ulster Bank and KBC exiting the market. Consumers should expect an increase in scam calls, texts and emails as fraudsters commonly take advantage of periods of change to target customers, according to Bank of Ireland.

Hundreds of thousands of current account customers will move their accounts in the coming months, along with changing direct debits and standing order payments to utilities and other companies. Activity will accelerate through 2022 and fraudsters will try to capitalise on this period of unprecedented change.

Consumers should independently verify messages or calls asking for personal information or account details or containing warnings around the cancellation of important payments. Fraudsters will try to introduce a sense of urgency to persuade consumers to give away their banking details.

The bank issued some timely advice: Verify any texts/emails/phones calls saying they are from a bank or a utility provider asking you to take action relating to a direct debit, standing order, subscription;

Do not click on any link or follow directions from somebody on a call without verifying first. End the call and phone your bank or the utility provider directly, using the number on their website.

If you think you may have given away any of your banking details please call your bank immediately.