Virgin Media O2 has introduced additional fraud security measures to stop online scammers conning victims out of high-end handsets. The entertainment giant said that as more people seek support as a result of the cost of living crisis, so too are the number of reported scams.
It said the new technology will combat a common type of fraud called Account Takeover and is expected to prevent more than £6 million of fraudulent handset orders each year. This scam, in which criminals’ ‘takeover’ a customer’s online account and gain access to their phone number, is commonly carried out to either intercept messages destined for the victim or to place orders for expensive devices in the account holder’s name which are stolen by organised gangs.
This new solution applies additional security checks to online orders and uses AI to spot warning signs that an O2 mobile upgrade order is fraudulent.
Sophisticated behaviour analysis identifies, and blocks suspected fraud attempts, helping lock customer accounts to keep them safe. This means innocent account holders - who often have no idea that they are being targeted by fraudsters - won’t end up being billed for devices taken out in their name or lose control of their accounts.
Liam Rawsthorne, Head of Fraud at Virgin Media O2, said: “At a time when fraud is on the rise, we’re investing in new technology to keep customers safe and help them swerve the scammers. This is having an immediate impact, dramatically reducing fraudulent orders and stopping the headache and heartache this causes our customers.
“We’re working hard to protect customers but with fraudsters using increasingly sophisticated tricks to defraud their victims, anyone can become a victim so it’s essential people protect themselves using our latest tips and tricks.”
Recent research suggests that more than half of adults (52%) said they will never fall victim to a scam, but 43 per cent reported that they know someone who has.
This latest fraud fighting technology bolsters existing measures designed to protect customers from some of the most common scams such as SIM swap and malware attacks.
A new fraud has recently emerged in which phones have been stolen from gyms before the scammers spend thousands of pounds from their victims’ bank accounts through taking over their online accounts.
To help customers protect themselves from sophisticated attacks like this, Virgin Media O2 has issued new advice including guidance on how to apply a SIM lock and hiding sensitive notifications - such as authorisation codes from banks - on phone lock screens.
You can find out about the new resources, top tips and advice at https://news.virginmediao2.co.uk/fraud
To keep up to date with the latest scams, join our Money Saving Scotland Facebook page here, or subscribe to our newsletter which goes out three times each week - sign up here.
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