Watchdog in phone scam warning

The OFT has warned consumers to be wary of cold-callers

The Office of Fair Trading is warning people not to give their bank details to cold callers after a new scam, using the watchdog's name, came to light.

The OFT said a number of consumers have been telephoned by callers claiming to be from the watchdog and able to reclaim bank charges on their behalf.

The callers ask for personal and financial details, which are then used to steal money from the victims.

The OFT said it was not clear how many people had been affected by the scam.

The watchdog also said it was not sure how long the problem had been going on for.

"These callers have no connection with the OFT, and their intention is to use the information for identity theft or to run up bills or commit crimes using stolen details," the group said in a statement.

Alert

It added that the organisation would never ask consumers for personal bank details, and urged people not to give out personal or financial information to cold-callers - either by phone or email.

Anyone who had unwittingly given out such information should "contact their bank as soon as possible".

This latest scam is cashing in on the highly topical issue of bank charges.

It comes a month after the OFT and a number of UK lenders - including HSBC, Lloyds TSB and Nationwide - agreed to go to court in a test case about overdraft charges.

Banks have had a long-running battle with consumers over whether fees levied for unauthorised borrowing are legal.