Nationwide has issued a crucial three-word security message to its 16 million customers, emphasizing the importance of using one-time passcodes (OTPs) for online transactions. With the summer holidays approaching and increased spending on activities, the building society is urging customers to protect their money.
What Are One-Time Passcodes?
One-time passcodes (OTPs) are a simple yet effective security feature used at online checkout to confirm that the person making the payment is genuinely the account holder. These codes can be sent via text message, landline, or email using the customer's registered contact details. Nationwide explains that OTPs add an extra layer of security to online transactions by requiring a code in addition to card details, which could otherwise be stolen or guessed.
Why Keep Contact Details Updated?
To avoid delays when shopping online, it is essential to keep contact details up to date. Customers who have not already done so should sign up for OTPs and ensure their information is correct. Nationwide notes that while text messages in the UK are free, some network providers may charge for receiving them abroad, and customers should check with their provider.
How to Identify Genuine OTPs
A genuine OTP text or email will arrive shortly after the customer (or a joint account holder) has entered their card details online and will include the last four digits of the card number. This helps customers verify the authenticity of the message.
Why Authenticate Payments?
When shopping online with a debit or credit card, customers may be prompted to authenticate themselves through Visa Secure. Nationwide states that this step is part of Strong Customer Authentication, a regulation for all UK financial providers designed to fight fraud and increase online payment security. The fastest way to authenticate is through the Nationwide app, but customers can also use a card reader or receive an OTP.
Troubleshooting OTP Issues
If a customer does not receive a one-time passcode, they can request a new one up to three times. For SMS codes, checking mobile signal or trying WiFi calling may help. For email codes, refreshing the inbox and checking spam or junk folders is recommended. If a code is received that was not requested, customers should first check whether their details are linked to a joint account or power of attorney. If not, it could indicate fraud and should be reported immediately.
Spotting Passcode Scams
Nationwide is not the only bank offering OTPs; many other banks and retailers provide similar protection. Lloyds Bank warns that scammers may call pretending to be from the bank and ask for a passcode or one-time password. They may claim it is necessary to stop a fraudulent payment, refund an account, or secure the account. Lloyds advises customers to hang up immediately if they receive such a call, as the bank will never ask for these details over the phone.
