The Solicitors Regulation Authority is warning firms not to be duped into disclosing bank security information over the telephone.

Firms are being persuaded by fraudsters posing as bank representatives to disclose information about their bank accounts.

Robert Loughlin, Executive Director of Operations & Quality, said:

“We are very concerned about this increase in activity. The con artists are highly sophisticated in their approach and their script makes them sound as though they are genuinely who they say they are, even though what they are doing is trying to obtain confidential information.

“It’s not just ourselves at the SRA who are concerned about this increase in activity. Time and again solicitors across England and Wales are raising it as a serious issue during our discussions with them.”

The SRA reminds firms that banks will never ask for passwords or account related details over the phone and that employees concerned about the authenticity of a caller should terminate the call and make further enquiries.