ANZ has issued an urgent alert to customers about a dangerous new fraud tactic called “scam-coaching” where criminals are actively training victims to circumvent bank security measures. The scheme involves fraudsters providing detailed scripts, fabricated cover stories, and specific instructions on how to respond to bank staff during questioning about suspicious transactions. This sophisticated approach is designed to help criminals move money out of victim accounts while evading the safety checks banks have implemented to prevent fraud.
The warning comes as financial institutions face mounting pressure to protect customers from increasingly elaborate scams. Scam-coaching represents a significant escalation in criminal tactics, deliberately undermining the human verification processes that serve as a critical last line of defense against fraud. Banks rely on staff interactions to identify red flags and intervene before customers complete fraudulent transfers, but this new method compromises that protection layer.
FXnCO Insight
Banks and fintech platforms should immediately review their fraud detection protocols to identify coached responses, while traders and brokers must implement additional verification layers beyond standard customer questioning to combat this evolving threat.
Source: Finextra