HSBC UK have warned its customers that fraudsters are tricking people into disclosing their bank passcodes, giving them the ability to spend thousands in online purchases.
The bank is urging people never to reveal their one-time passcode (OTP) to others, after recording an increase in related scams.
In August it said scams involving suspected disclosed passcodes increased by 25 per cent compared with March.
Someone may be prompted to enter a passcode to authenticate a transaction when using their card online. The code is texted to the customer, who then enters it on the retailer’s website.
But HSBC warned that fraudsters are calling customers pretending to be from banks or other trusted organisations and requesting an OTP, which they can then use to make a transaction.
At the moment there have been more than 3,000 cases of this type of fraud being successful in the last six months.
Often, scams start with a bogus text…