Thanks to Alan for the potential heads up on this one.
It seems that certain people are getting phone calls claiming to be from either O2, the O2 Security Team or CPW all making rather dubious attempts of trying to get you to enable insurance on your iPhone and asking you to confirm your bank details.
We would advise that you DO NOT give out any of your details and hang up and call O2 direct. I have my iPhone insured by O2 and it only costs me £7.50 a month. If you have any issues regarding your iPhone Insurance or you want to enable it - then YOU should call O2 direct and if you do get any calls regarding your insurance, YOU call them back before giving any details. DO NOT ask them for a contact number, use the customer service number on the O2 website:
Here is the link to the O2 Customer Service Site - HERE
Here is the link to the O2 iPhone Insurance Site - HERE
Enjoy your iPhone and stay safe!
Steve