Nationwide warns Britons of bank scam danger | Personal Finance | Finance –

Published On: Wed, Sep 29th, 2021

Nationwide warns Britons of bank scam danger | Personal Finance | Finance

Specifically, Nationwide is looking to protect its customers from Authorised Push Payment (APP) scams. The new Scam Checker Service allows anyone with an account with the bank to check a payment they are worried about either in the branch or by calling a 24/7 freephone number. Employees of Nationwide will then discuss with customers the nature of the payment and if they have anxieties about proceeding with it.

Nationwide’s warning comes after a report by UK Finance found that UK bank customers have lost £754million to various scams over the first six months of 2021.

This staggering figure represents a 30 percent increase over the previous year as the pandemic has led to fraudsters accelerating their operations.

In particular, losses from APP fraud amounted to £355.3million over the period, which is an increase of 71 percent.

APP scams, which Nationwide is looking to tackle, is the name given to fraud involving investments, impersonation, romance and purchase scenarios.

READ MORE: Lloyds Bank introduces way to stop contactless card fraud

According to the bank’s data, speaking to a member of the Nationwide team has prevented up to 65 percent of attempted scams each year.

On top of this, victims of APP scams, who have been given the all-clear to carry out the payment, will be able to receive a full refund through the bank’s new Scam Protection Promise.

However, if someone is warned ahead of time that the payment is a potential scam and they go through with it, they will not receive a refund.

Nationwide’s new service will exist alongside other anti-fraud and scam prevention measures.


For example, customers will still be able to check the name on a new payee account using Confirmation of Payee (CoP) and receive scam warnings through the bank’s app.

Joe Garner, Chief Executive of Nationwide Building Society, explained the bank’s proactive approach to tackling financial scams and fraud, as well as continuing to protect its customers from harm.

“Success is not just ensuring victims are reimbursed – but also preventing these crimes happening in the first place.

“That’s why we are introducing our scam checker service to help prevent our members being scammed.

“We’re also calling on the big tech, telecoms and social media companies that play host to these crimes to take more responsibility for stopping them.

“We must work better together in the mutual interest of fighting this criminal activity.”

In response to the increase in APP fraud, Katy Worobec, Managing Director of Economic Crime at UK Finance, is calling on the UK Government to do more for bank customers.

Ms Worobec said: “Our latest figures show the sheer scale of fraud taking place in the UK and highlight clearly the need for coordinated action to address this threat.

“The banking and finance industry invests billions in advanced systems to try and stop fraud happening in the first place, but criminals are exploiting weaknesses outside of banks’ control to trick customers into making payments directly to them.

“This is why we are calling for coordinated action and increased efforts from the Government and other sectors to tackle what is now a national security threat.”

Customers of Nationwide, who are concerned about irregularities in their account payments, are encouraged to contact the bank’s new Scam Checker Service.

This can be done by visiting your local branch or by phoning Nationwide’s 24/7 helpline at 0800 030 4057.

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