Bank fraud: why scammers want to steal your account
13 Oct 2017

Fraudsters using stolen details to open impostor bank accounts is an increasingly prevalent form of crime.

Criminals are using tactics to commit identity fraud and open bank accounts in your name – either to house the proceeds of a scam they’ve successfully carried out, to drain your overdraft or to apply for loans and credit cards in your name.

Which? Money caught up with Detective Inspector Chris Felton, from the National Fraud Intelligence Bureau, to learn more about this troubling trend.

WM: Why would a criminal look to open an account in someone else’s name?

Detective Inspector Chris Felton: They want access to a bank account – they’re not interested in defrauding the bank. If you want to defraud the bank you need the debit card and an overdraft facility.

Quite often these fraudulently opened accounts are actually very simple bank accounts without a credit facility attached to them.

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