20 September 2016

Think before you act to minimise fraud risk

Stepped up security measures from banks and building societies in recent years mean that 70% of fraud attempts were stopped in 2015. However, the 30% that were successful cost the nation £755 million.

Many people know how to protect themselves against financial fraud; but in the heat of the moment it’s easy to forget all the precautions you should be taking, which is why we’re supporting Financial Fraud Action UK’s Take Five campaign.

The initiative is a simple one and encourages people to take 5 minutes to think when someone asks for details of their personal finances, rather than acting instinctively. This often leads to people divulging personal information.

After all, if someone says they are from your bank, or another trusted organisation, why wouldn’t you believe them? But if someone does contact you for information about your finances – for example your PIN or your password details - it’s important to take time to consider whether the situation is genuine and have the confidence to walk away if you feel something isn’t right.

Dos and don’ts of financial fraud protection

As part of the campaign Financial Fraud Action UK has issued some dos and don’ts for people to bear in mind.

  • Yes Do stop and think before you act – a genuine organisation won’t mind waiting and certainly won’t rush you into making a financial transaction
  • Yes Do trust your instincts – you know if something doesn’t feel right
  • Yes Do stay in control – don’t panic or you might make a decision you’ll regret. If you don’t feel in control of a discussion, end it.
  • No -  Don’t tell anyone your PIN number or full password – a bank will never ask you to
  • No -  Don’t assume an email, text message or phone call is authentic, even if they seem to know your basic details

If you think there has been fraud on your card or bank account – or if you suspect anyone has attempted to obtain your financial details - report it immediately to your financial services provider then contact Action Fraud on 0300 123 2040 or go to actionfraud.police.uk.

Find out more about Financial Fraud Action UK’s Take Five campaign.

At Nationwide, we’re committed to helping our customers protect themselves against fraud. You’ll find more information, plus the number you need to contact us if you think you’ve been a victim of fraud, in our Security Centre.

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