Caller ID Spoofing: A Growing Threat to Financial Security in Greece

10:23 21/1/2025 - Πηγή: Dikaiologitika

A new form of sophisticated banking fraud, known as Caller ID Spoofing, has emerged in Greece, raising significant concerns among financial institutions and consumers.

This technique, which exploits advanced technology to mimic the phone numbers of legitimate banks, allows fraudulent calls to appear authentic and convinces unsuspecting individuals to share sensitive banking information.

Caller ID Spoofing operates by creating the illusion

of trust. Fraudsters impersonate bank representatives, informing recipients of alleged security breaches in their accounts. Under the pretense of protecting their finances, they instruct their targets to update account credentials or verify information. Unaware of the deception, individuals inadvertently provide access to their financial accounts. The method, already widespread in the United States and Europe, manipulates telephone systems to make calls appear as though they are originating from trusted institutions. This not only compromises financial security but also undermines trust in phone and digital banking services.

In response to this escalating issue, several countries, including Germany, Ireland, and Sweden, have implemented legal measures to combat caller ID manipulation. Telecom providers in these regions are now required to adopt technologies that prevent the unauthorized use of phone numbers, helping to mitigate the risks associated with such fraudulent practices.

In Greece, the Hellenic Bank Association (HBA) has expressed concern over the rising prevalence of Caller ID Spoofing and has issued guidelines to the public to increase awareness. The association stresses that banks never request sensitive information such as usernames, passwords, card details, or one-time passwords (OTPs) during phone calls. They also emphasize that legitimate bank representatives will never ask customers to conduct test transactions, transfer funds, or make ATM withdrawals as part of a security protocol.

The HBA advises individuals to remain vigilant when receiving calls, particularly those that appear to be from their bank. If any doubts arise, customers should terminate the call immediately and contact their bank directly using official contact numbers. Additionally, individuals should exercise caution when responding to SMS or messages containing OTPs, ensuring that these codes are not shared under any circumstances.

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