Nationwide has issued a £2,200 warning to banking customers following concerning findings released on Friday. The world's largest building society has shared 'red flags' as it urges members to be vigilant and avoid having to part with their hard-earned cash.
Research reveals scale of scam exposure
According to new Nationwide research, approximately 15% of Brits have handed over personal details to someone before discovering they weren't legitimate. The study also revealed consumers face potential scams almost daily, receiving suspicious phone calls more than three times weekly on average and dodgy text messages roughly twice a week.
Nearly one in five (19%) would be inclined to return a call to an unknown number, potentially exposing themselves to risk. The results show how criminals manipulate personal information, familiar details and technology to make their approaches seem authentic.
What makes people trust unexpected callers
When questioned about what would make them trust an unexpected caller purporting to be from their banking provider:
- 20% said seeing their banking provider's name displayed on their phone
- 19% said the caller knowing some recent account activity
- 14% said the caller knowing their full name
- 13% said the caller knowing their date of birth
- 12% said the number appearing genuine
- 10% said the caller sounding professional
Over the past 12 months, more than a quarter (26%) of consumers received a text message claiming to be from their banking provider, while 25% received an email and 22% received a phone call. With Nationwide data revealing that the average impersonation fraud loss stands at nearly £2,200, consumers are being urged to stay alert when receiving unexpected communications.
Expert warning on sophisticated scams
Annya Burskys, head of fraud operations at Nationwide, warned: "Scammers are increasingly sophisticated at making unexpected calls, texts and emails appear genuine. They may disguise a call as coming from a trusted organisation, use personal details to gain your trust or pressure you to act quickly.
"Many scams are connected. Criminals may first obtain information about you through a fraudulent website, phishing email or text message. They can then use those details to make future impersonation scams appear much more convincing.
"They may also tell you what to say if your banking provider questions a payment, claiming it will speed things up. In reality, the more your banking provider knows, the better it can support and protect you."
Bank impersonation scam 'red flags'
Nationwide confirmed that it may contact members should there be concerns regarding account activity. However, fraudsters may pose as your bank, disguise the name or number they're calling from, and could provide personal details to seem legitimate.
Five warning signs you should be aware of:
- Financial providers will never ask you to move your money – there is no such thing as a safe account.
- Financial providers will never tell you what to say to your bank or to misrepresent payments – even if they claim it will make it quicker or easier.
- Banks will never ask you to share a one-time passcode.
- Financial providers will never ask you to download an app or share access to your computer or app.
- Financial providers will never put you under pressure to act fast.
"If anything doesn't feel right, you can end the call and contact your bank using the number on your bank card, through your app or website, or by dialling 159. Take time to stop and think before making a payment or sharing information. Use the tools available to you – Nationwide's Call Checker in the app confirms whether a caller is genuinely from Nationwide, while its Scam Checker service lets customers verify a payment by phone or in branch."
