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.