Emergency Number 159 Was Launched To Report Scams

Banking-related impersonation fraud has increased in the last few years, where criminals pressure the victim to force them into a heat-of-the-moment decision. The industry wanted the authorities to deal with it, considering it a national security threat. 

Therefore, the telecom firms, financial organisations, and technology companies launched a new pilot scheme to handle it. An emergency hotline 159 has been formed to report and verify the callers’ authenticity with the operator. 

The personal finance experts applauded the scheme, and the pilot is expected to run for one year. Although there are risk factors of interception by fraudsters, there is a need to invest more towards technology to offer safer services like installing anti-fraud measures on the front line along with the second line checks, which can restrict funds from moving out of an account, in case of any potential cheating. 

• Banks expect the new scheme will help them avoid losses through refunds to defrauded customers as the client can call the number to stop money outflow.

• The Joint Fraud Taskforce discussed the plan in 2016, and its pilot scheme has been launched. If it works successfully, all the telephone providers will be asked to make the number 159 a Universal code, which will work like 101(police) or 111 (NHS). 

• If anyone gets an unsolicited call, they can challenge the requests related to the extraction of information. If they suspect a cheat, they can take steps to hang up immediately and call 159 to seek a reliable way to react.

• The campaign surveyed victims' responses, where nearly 19 per cent said they felt uncomfortable saying no to a stranger requesting personal information by email or text, and 23 per cent felt uncomfortable on the phone. However, about 92 per cent said they responded with a “yes” because they did not want to appear rude. 

The researchers claim that criminals are experts in impersonation and can extract information from even the smartest clients. First, they make a call through spoofed numbers to appear genuine. 

Then, they threaten or create panic by telling you your account has been hacked or threaten legal implications, where they inform you about a crisis and ask the victim to respond immediately to avoid a loss.  

They ask the victim to transfer funds to a safe account to avoid losses. Such calls may appear convincing but are often bogus. In the first six months of the year, they stole £4m a day, and there is a need to have such a kind of service to stop it. Nevertheless, all banks have not signed up for it. 

Nationwide launched its version, but the number 159 will be available to over 80 per cent of all mobiles and landlines in the country and will cost the basic national rate.