Fraudsters are using fake online advertisements to trick Britons into depositing money into accounts they believe belong to the financial firm Wise, only for the funds to be siphoned off. The scam, described by experts as one of the most sophisticated they have seen, exploits falling interest rates to lure victims with offers of slightly above-market returns.
The adverts, which appear on social media, promote fixed-rate savings accounts with rates such as 5.55% for easy access or 5.85% for a 12-month term. Victims who fill in a form receive a call-back from English-speaking scammers who guide them through opening a genuine Wise account under the pretence it is a savings product. Wise does not offer such classic savings accounts, though customers can earn interest on balances through a separate fund.
Martin Richardson of the National Fraud Helpline, a law firm specialising in scam recovery, said: “Once they have your details, they will instantly recognise your phone number and ask you to pass security questions. The email address seems very believable, but it’s the English-speaking scammers that add a high level of plausibility.” He added that the scammers likely set up two-factor authentication and virtual card details on their own devices, then use Apple Pay to transfer money into accounts they control.
Wise stated it is aware of such impersonation scams and takes prompt action to remove fraudulent content from social media. The scam falls under authorised push payment (APP) fraud, where victims voluntarily send money. Under mandatory rules introduced last year, victims who sent money to a UK account may be able to claim a refund from their bank or payment service provider. Victims are advised to contact Wise, file a police report, and notify the Financial Conduct Authority. Richardson’s firm has helped two victims recover over £20,000 each.
