Criminals posing as banks' anti-fraud teams to swindle

UK businesses, charities and other high-value bank account holders are being warned about a scam which often starts with a phone call and ends with criminals taking control of victims' computers and online banking to drain accounts.

- Vicky Shaw, Personal Finance Correspondent

Fraudsters are using software to steal tens of thousands of pounds, with the amounts stolen from some individual accounts exceeding £1 million, according to intelligence from the Cyber Defence Alliance (CDA).

In the run-up to next week's international fraud awareness week, the CDA has teamed up with fraud prevention service Cifas and banking trade body UK Finance to raise awareness of the scam. Criminals will pose as legitimate bank teams fighting fraud, so that victims unwittingly grant access to their bank account and funds are drained, often before they realise they have lost control of their accounts.