Nationwide is urging people to take action ahead of the summer holidays by protecting their finances and never sharing their one-time passcodes (OTPs). The building society, which serves more than 16 million customers, has issued an important notice on its website about OTPs as it encourages customers to safeguard their money.
With the summer holidays approaching and spending on leisure activities rising, now is a great time to take steps to secure your online payments. One-time passcodes are used at online checkout to confirm that it is really you making a payment. These codes can be sent via text message, landline, or email using your registered contact details.
Why OTPs Matter
OTPs improve online security by adding an extra step to verify your identity. Instead of just using card details, which can be stolen or even guessed, a code is sent to confirm it is really you. Because of this, it is important to keep your contact details up to date so you do not face delays when shopping online. If you have not already, make sure you are set up to receive OTPs and that your information is correct.
Nationwide notes: "Text messages in the UK are free, but some network providers might charge for receiving these abroad. Check with your network provider." You will know it is a genuine text message or email if you receive it just after you (or the joint account holder) have entered your card details online and it contains the last four digits of your card number.
Why Do I Need to Authenticate a Payment?
Nationwide explains that when shopping online with your debit or credit card, you may be prompted to authenticate yourself with Visa Secure. It explains: "This is just to let us know it’s really you making the payment, and the fastest way to do this is with our app." This authentication step is part of a regulation for all financial providers in the UK to help fight fraud and increase the security of your online payments. It is called Strong Customer Authentication, and it is there to keep your money safe and stop scammers from using your card online.
While you can use their app or receive an OTP, you can also use a card reader.
Having Issues with OTPs? Here's What to Do
If you do not receive a one-time passcode, you can request a new code up to three times. If it is an SMS code, check your mobile signal. If available, try using WiFi calling. If it is an email code, refresh your inbox and check your spam or junk folders. If you receive a code you did not request, check if your details are linked to a joint account or if there is a power of attorney linked to the account. If neither applies, treat it as a possible fraud attempt and report it immediately to your provider or bank.
How to Spot a Passcode Scam
Nationwide is not the only bank that uses OTPs; many other banks and retailers also provide this security feature to protect customers. However, Lloyds Bank warns that scammers may try to trick people into revealing passwords over the phone, so you should always stay cautious. It explains: "If a fraudster steals your personal or banking details, they could call you to pretend to be your bank. They may ask you for a passcode, one-time password, or to approve a payment on your banking app, making up reasons why you should tell them, such as to stop a fraudulent payment, refund your account, or secure your account." Lloyds warns: "If you get a call like this, hang up. We’ll never call you to ask for any of these things."
