Financial fraud can be highly lucrative for criminals, and devastating for their victims.
In 2017, criminals siphoned off more than £236.0 million from the financial accounts of private individuals and businesses, according to UK Finance, in a total of 43,875 fraud cases. The vast majority of victims were ordinary people, who lost an average of £ 2,784 each, while businesses lost an average of £ 24,355.
These are big numbers, so Nationwide is tackling fraud head-on, keeping a close eye on the latest scams and techniques. “We've seen a real switch in focus, not only at Nationwide but the industry as a whole," says Sian Carroll, who works in the Financial Crime Policy and Advice team.