How the 'Microsoft' phone scam works

This explanation of the 'Microsoft' phone scam (you know, the one where they phone you to say there's something wrong with your computer) works appeared on my phone banking log-in screen, and I thought it would be worth posting here to point out, yet again, how dangerous this scam is.

The same advice holds for other unsolicited phone calls - just HANG UP if you accidentally answer one of these calls!

Computer Takeover Scam Warning Members of the public are being warned of a new-style telephone scam in which fraudsters impersonate major companies and organisations to take over computers to steal money from online bank accounts. Criminals are using technology to take control of victims' computers from remote locations, after telephoning them and offering to help with a slow computer or internet connection. There has been a recent increase in reports of this type of scam. To carry out this fraud, scammers are impersonating internet service providers, computer companies, banks, software firms and law enforcement. They are also claiming to be calling as a result of recent high-profile data breaches. The scammers claim there is a problem with the victim's computer or internet service which is causing it to run slowly. They say they can fix it but need to access their computer to do so. Victims are then asked either to visit a website or enter a command prompt on their computer, which gives the scammers control of the machine remotely. The fraudster will take some time to 'fix' the problem, in some cases as long as 30 or 40 minutes. During the call, the scammer will either tell the victim they are entitled to compensation or pretend to put them through to a supervisor, who will make the offer. The scammer will say they are sending the money and will ask the victim to log into their bank account to check it has arrived. But the scammers will still have access to the computer and will put up a fake screen which makes it appear the money has arrived. Working in the background, they will take money from the victim's bank account. Alternatively, the scammers may transfer money between accounts to make it look like payment has been made. The fraudster may also ask for a bank passcode sent by text message or generated by a card reader, claiming that this is required to process the refund. But this code will actually enable them to set up a new payee and take funds from the victim's account. In an alternative version of this scam, fraudsters may say the money has been sent but they have accidentally sent thousands of pounds, rather than hundreds, an error which will cost them their job. They will transfer money between the victim's bank accounts to make it seem as if they have sent too much. In this case, the fraudster will ask for the difference to be refunded via wire transfer. To avoid falling victim to this scam, you: Should be wary of unsolicited approaches by phone claiming to offer a refund Should avoid letting someone you do not know or trust have access to your computer, especially remotely Should never log onto your Online Banking while someone else has access to your computer Never disclose your: Four digit card PIN to anyone, including the bank or police. Your password or Online Banking codes. Personal details unless you are sure who you are talking to. Katy Worobec, Director of Financial Fraud Action UK, has quoted: "Fraudsters are cunning and will go to great lengths to steal your cash. This scam is just another example of the tricks they will use." "You should never let someone else have access to your computer remotely, especially if they have contacted you via an unsolicited phone call. If you are in doubt, then call the organisation back on a number you trust; if they are legitimate they will understand." "Do not share your bank account details with anyone and make sure any computer you use to log onto your Online Banking is secure."