Greek Banks Warn of Sophisticated Phone Scam Targeting Deposits

Greek banks are sounding the alarm over a new wave of phone scams that have siphoned off hundreds of thousands of euros from unsuspecting customers since the start of the year.

Using a technique known as “Caller ID Spoofing,” fraudsters pose as bank employees and manipulate caller ID to display the legitimate phone number of a bank, tricking victims into believing the call is genuine.

The Hellenic Bank Association (HBA), in collaboration with the National Telecommunications and Post Commission (EETT) and telecom providers, has taken decisive action. Since April, incoming calls from a range of foreign numbers linked to these scams have been blocked. These numbers, identified by banks as dangerous, are part of a coordinated effort to curb the fraud. Most telecom providers have complied with the EETT’s call to implement these restrictions.

How the Scam Works

Victims receive a call displaying a number identical to their bank’s official contact, often tied to customer service or headquarters. The caller, posing as a bank employee, may even use the names of real bank staff to build trust. They typically address victims by name and request sensitive information such as e-banking passwords, card PINs, or one-time passcodes (OTPs).

To lure victims, scammers often claim an urgent need to “accept” a fictitious government subsidy, warning that failure to act immediately will void the payment. Other tactics include offering fake investment opportunities as a “customer reward” or claiming to block a fraudulent transaction. In some cases, victims are instructed to withdraw or transfer money via ATMs.

The scammers create a sense of urgency, discouraging victims from pausing to think. If questioned, they insist the call originates from the bank’s network and may urge victims to verify the number. Market sources estimate losses from these scams at €100,000 to €200,000, with fraudsters targeting clients with substantial account balances to maximise their haul.

Bank Response and Public Awareness

While the financial damage is currently limited, banks warn that losses could escalate without swift action. In addition to call-blocking measures, banks are rolling out public awareness campaigns to educate customers. They emphasise that legitimate banks and organisations never request sensitive information like usernames, passwords, PINs, or OTPs during unsolicited calls.

Protective Measures for Customers

Banks urge customers to take the following precautions:

• Hang up immediately and call the bank directly using a verified number to confirm the call’s legitimacy.
• Never share sensitive information, including e-banking credentials, card numbers, PINs, or OTPs. Legitimate institutions do not request such details over the phone.
• Avoid entering codes provided by the caller.
• Carefully review SMS or Viber OTP messages from your bank.
• End the call as soon as you suspect fraud and report it to the police immediately.
• Spread the word to family, friends, or on social media to raise awareness and protect others.

As scammers grow more sophisticated, Greek authorities and banks are urging vigilance to safeguard personal finances. Customers are encouraged to stay informed and act swiftly to report suspicious activity.

Source: greek city times