About 43% of UK adults aged above 50 have encountered new telephone scam involving fraudsters posing as legitimate organisations to dupe them, according to the country's fraud watchdog.
The Financial Fraud Action UK (FFA UK) reported that fraudsters tricked people reveal personal and financial information, such as credit and debit card information, with victims' bank accounts being wiped out within 24-hours.
The agency reported a £36m rise across crimes involving either online or phone banking, buying online and over the phone or criminals filling out fake applications, with recent estimates indicating about £7m may be accredited to the scam, dubbed as 'Vishing'.
The UK Dedicated Cheque and Plastic Crime Unit (DCPCU) head DCI Dave Carter said that fraudsters can use personal information gleaned from Vishing in a number of ways including to access a victim's bank account, make fraudulent purchases and commit identity theft .
"Always be wary of cold callers who suggest you hang up the phone and call them back," Carter said.
"Fraudsters will keep your phone line open by not putting down the receiver at their end.
"Remember that it takes two people to terminate a call so try and use a different phone line if you are asked to ring back.
"If you think you've already been a victim of this scam, contact your bank or card company immediately."