The pandemic changed spending patterns and fraudsters have adapted to this. Criminals are increasingly targeting consumers directly, attempting to obtain information or convince members to send money under false pretences, as part of a scam.
Authorised Push Payment (APP) scams have been a growing concern in the industry. In May 2019 Nationwide, along with several of our peers, signed up to a voluntary code of conduct which aims to reduce the occurrence of APP scams while increasing the proportion of customers protected from their impact and minimising the disruption to legitimate transactions.
The majority of APP victims had been enticed to purchase goods from fake merchants, without using standard payment methods such as a card or intermediary site that holds payment details securely. We deal sensitively with each case and do whatever we can to repatriate lost funds but unfortunately some members still end up out of pocket.