Bank Transfer Scam Alert

According to Which? £434 is lost every minute to bank transfer fraud, this is when victims are duped into transferring money to a fraudster. Last year over £500 million was lost to this and not refunded. This year a new voluntary bank code was introduced to help victims, this came into force at the end of May. Unfortunately, 12 out of 27 UK banks and building societies have not yet signed up to the code. It remains to be seen if this code is enough to protect victims and there is suspicion that some signatories are using devices like a pop-up box before transfers are made to avoid liability, but it is a move in the right direction. The TSB is not a signatory, but they have gone a step further and issued a quite impressive fraud guarantee for their customers.

ENSURE THAT YOU HAVE THE CORRECT DETAILS FOR ANY TRANSFER YOU MAKE, EVEN CALL THE RECIPIENT TO CHECK

Tips and Advice

  • Who has Signed? – Barclays, HSBC, Lloyds, NatWest/RBS, Santander and Nationwide are the big ones
  • Personal means private! – Do not divulge personal details unless you are certain who you are sharing it with, and certainly not PIN numbers!
  • Contact  your bank or credit card company if you are worried about having given out financial details 
  • ID Protection –  If you’re worried about identity fraud and would like to protect your identity contact CIFAS
  • Still Unsure? – Join Reassura 0800 888 6400 and one of our fraud advisor’s will help you to stay safe
  • To report a fraud – and receive a police crime reference number call Action Fraud on 0300 123 2040 or use their online fraud reporting tool

 

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