Media company Virgin Media has announced their new fraud security measures that aim to prevent online scammers.
The entertainment giant said that as more people seek support as a result of the cost of living crisis, so too are the number of reported scams. The Daily Record reports that Virgin said that the new technology will combat a common type of fraud called Account Takeover.
The measures are expected to prevent more than £6 million of fraudulent handset orders annually. This scam is performed where criminals "takeover" a customer's online account and gain access to their mobile number, which is used to intercept messages intended for the victim, or place orders for expensive phones in the account holder's name.
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These devices are then stolen by organised gangs and sold on for profit. This new solution applies additional security checks to online orders and uses AI to spot warning signs that an O2 mobile upgrade order is fraudulent.
Behaviour analysis identifies, and blocks suspected fraudulent attempts to hack into someone's account, keeping customers safe. This means that the victims won't end up being billed for devices being paid for in their name, or lose control of their accounts.
Liam Rawsthorne, Head of Fraud at Virgin Media O2, said: “At a time when fraud is on the rise, we’re investing in new technology to keep customers safe and help them swerve the scammers. This is having an immediate impact, dramatically reducing fraudulent orders and stopping the headache and heartache this causes our customers.
“We’re working hard to protect customers but with fraudsters using increasingly sophisticated tricks to defraud their victims, anyone can become a victim so it’s essential people protect themselves using our latest tips and tricks.”
Research conducted recently suggested that more than half of adults (52 per cent) said they would never fall victim to a scam. However, 43 per cent reported that they know someone who has been scammed.
A new fraud has recently emerged in which phones have been stolen from gyms before the scammers spend thousands of pounds from their victims’ bank accounts through taking over their online accounts.
To help victims protect themselves from smart attacks like this, Virgin Media O2 has issued new advice including guidance on how to apply a SIM lock and hiding sensitive notifications - such as authorisation codes from banks - on phone lock screens.
You can find out about the new resources, top tips and advice at the Virgin Media website here.
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