Nationwide Building Society has issued an urgent warning to its 16 million members following a surge in sophisticated scams that are draining money from customer accounts. The mutual has responded by launching a crucial new feature within its banking app designed to give people immediate peace of mind.
The Rising Tide of Impersonation Fraud
New research from the world's largest building society reveals that the average person in the UK now receives a staggering eight scam calls every month, equating to two each week. This deluge of fraudulent communication is having a devastating financial impact.
Impersonation scams, where criminals pretend to be from a bank or building society, are a particularly virulent threat. Nationwide's own data shows these cons account for 17% of all reported fraud cases, stealing millions of pounds annually. While all age groups are targeted, the figures are especially alarming for older customers: those over 65 make up 55% of all victims.
However, younger generations are not immune. Around 16% of people aged 18-34 and nearly 19% of those aged 50-65 have also been tricked into handing over money from their accounts.
How Nationwide's Call Checker Works
The newly launched Call Checker feature is a simple but powerful tool integrated directly into the Nationwide app. It allows a customer to instantly verify whether the person on the phone is a genuine Nationwide colleague or a fraudster.
To use it, a member simply opens the Nationwide banking app, navigates to the 'More' section, and selects 'Call Checker'. The screen will then display one of two clear messages: 'You're on a call with Alex' or 'You're not on a call with us.' This instant verification is designed to cut through the confusion and pressure tactics employed by scammers.
Call Checker works alongside the existing Scam Checker service, which is already used by 100,000 people and prevents around £300,000 from being stolen every month.
Sophisticated Scams and a Warning from Experts
Criminals are employing increasingly bold and manipulative strategies. Common requests from these fake callers include asking victims to share personal details (50%), divulge security codes (34%), or transfer money (31%). Shockingly, 15% of scams even involve instructing the victim to lie to their own bank, often by claiming a fraudulent payment is for a friend or relative, thereby bypassing vital security checks.
Jim Winters, Nationwide's Director of Economic Crime, emphasised the severity of the threat: "Scammers are becoming more sophisticated, and impersonation calls are one of the most common ways they trick people into handing over money. We are programmed to trust people and when someone uses clever tactics and well-practised scripts - often putting us under pressure or making us panic - it can be hard to know who to trust."
He added: "Our Call Checker feature gives our customers peace of mind by confirming if a call is genuine, or not. It's a simple and effective step that could prevent someone from becoming the next crime statistic."
The launch of Call Checker marks a significant step in proactive consumer protection, empowering Nationwide's members with a direct tool to fight back against the relentless wave of financial fraud.
