How to prevent and spot bank fraud
The amount of fraud cases has been rising and with digital banking becoming the new norm there are many ways someone can get access to your account. It is important to stay aware of scams so you can protect your accounts.
The Guardian reported that fraud cases in the UK more than doubled in 2023 to £2.3bn.
Bank can help you prevent fraud as well as claim refunds if you are a victim to fraud. Some banks such as, Monzo have a high fraud rate as well as being rated poorly for reimbursing their customers which could be a factor to consider when choosing your bank account, especially if all your savings are there.
If you are a victim of fraud, you can report this and seek help from your bank.
1
Regularly check your transactions
- Keep an eye on your transactions and be alert for anything you don’t recognise so you can report it quickly
- You can also set up notifications so you are aware of any activity on your account.
2
Be vigilant If you are sent any messages
- If you are sent a text or email from an unknown source claiming to be from your bank make sure to research the address first.
- If you are still unsure, call your bank to check if it was really from them.
- Do not click on any links within the email before you do your checks.
3
Don’t be pressured into making payments or sending personal details
- If they tell you it is urgent, this could be a red flag.
- Often, scammers will try to trick you into sending them money and this will then be more difficult to claim a refund for as you willingly sent it.
- Another way you could be scammed is sending personal details thinking it is going to your bank. This is why you should be extra wary sending information. Always call your bank putting inputting anything.
4
They can fake the caller ID name
- Just because the caller says e.g. ‘HSBC’ does not mean this is your bank calling and before doing anything you should research the number ringing you.
- The same goes for email addresses, it may look official but fraudsters know how to trick people and more and more people are falling victim.
5
Pay attention to the warning provided by your bank
- When making an online transaction, warnings and security reminders will pop up in the app, these are in place to protect you and make sure you have double checked everything is correct.
- Santander highlight the important of these pop ups.
- This is also why the payee confirmation process is there, this is to make sure you are sending it to the right account and don’t accidentally send your money elsewhere.
- It can be easy to ignore these as you want to get the job done quickly however, keeping an eye out for these could help you.
6
Change your passwords
- If you are worried then the first step could be to change your banking passwords. Online banking is the most common process now and fraudsters have learnt how to intercept. Changing your password after accidentally clicking a link or sending details could prevent them form accessing your account.
- You could also change your details every few month to be safe.
