Excerpt from https://www.telegraph.co.uk/money/consumer-affairs/fraudsters-have-unlocked-new-way-steal-bank-account/

‘One of Britain’s biggest banks has issued a warning to consumers after a large rise in the number of scams involving bank passcodes.

HSBC said fraud cases involving banking passcodes had leapt 25% in the last six months. It warned customers not to share the codes, which are often sent by text message by banks to approve a transaction online.

Thieves have called customers pretending to be from their bank and asked them to read out the codes. The scammers then use the passcodes to make fraudulent purchases with the customer’s card details.

June alone saw £400,000 worth of transactions being attempted with stolen codes, known as one time passcodes because of their single use.

The codes are received when an online purchase is made to ensure it is the card owner who is making the purchase. The text message usually carries a warning to never tell anyone the code and states that the bank will never ask for it.’

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