Police said the financial crime unithas fielded several reports in a “troubling” rise in fraud targeting businesses and the public, particularly customers of financial institutions.

This week alone, residents have collectively lost more than $1.2 million to the scam, a spokesman said.

He warned that the festive season was linked to a rise in fraud, and urged residents to remain vigilant.

He added: “Bank representatives will never ask you over the phone for your personal account login credentials.

“If you are uncertain about the legitimacy of a call, hang up immediately and contact your bank directly by phone or in person.

“Do not download or install any third-party software at the request of someone claiming to be a bank representative.

“If you receive an e-mail claiming to be from your bank, you should check the email header to see if it matches the details of legitimate e-mails you've received from your bank before.”

Police were aware of WhatsApp messages from friends in people’s phone contacts asking them to send money to a location — while the person purportedly making the request then confirmed no such message was sent.

It came after HSBC sounded the alarm that scammers impersonating the fraud team of local banks were attempting to trick the public into surrendering confidential information through phone calls.

Along with requesting online banking login and transaction information, fraudsters have asked bank customers to click on links to download an app in an attempt to steal from accounts.

Anyone in doubt was advised to directly contact their relationship manager or call the bank at 299-5959.

Information on scams can be accessed online at two of the bank’s sites: fraud awareness and the HSBC fraud guide.