The bank said the move was due to changes in customers’ banking habits Copyright AFP/File Patrick T. Fallon
A banking expert has revealed the critical warning signs that could protect consumers from increasingly sophisticated financial scams sweeping across the finance world. Banking fraud encompasses a range of illegal activities where individuals or groups misuse banking systems or customer information to obtain money or other assets from financial institutions or their customers.
Matthew Sanders from alternative banking solution Suits Me, has told about the main tactics scammers use to trick people into handing over their hardearned cash, with fraud reports hitting record levels nationwide.
His advice comes as many fall victim to text message scams, deceitful emails and fake phone calls from criminals desperately trying to access bank accounts through clever manipulation.
“Banks never ask for your full PIN or password over the phone,” Sanders says. “They won’t send someone to your home to collect cash, cards or anything else.”
The banking expert pointed out that genuine banks have strict rules against requesting customers to move money to different accounts for security reasons.
“If you receive a call claiming to be from your bank asking you to move money, hang up right away,” he warns.
Sanders explains how scammers deliberately create panic to stop victims thinking clearly about what they’re being asked to do.
“Scammers create a sense of urgency to make you act without thinking. They might say your account has been compromised or that you need to verify a purchase”.
Taking time before responding to unexpected messages about your account dramatically reduces your chance of being conned. “A genuine bank gives you time to think,” Sanders observes.
Sanders adds: “If you get a message about your account, don’t click on links. Instead, open your banking app or type the bank’s website directly into your browser”.
This basic step stops criminals directing victims to fake websites that look almost identical to real banking pages but are designed purely to steal login details and drain accounts.
“Phone your bank using the number on the back of your card if you’re unsure about any communication,” Sanders advises.
Identity theft remains one of the fastestgrowing crimes in the UK, with criminals needing minimal personal information to begin stealing victims’ identities.
“Be careful what you share on social media. Your date of birth, address and even information about your family can help scammers appear legitimate when they contact you,” Sanders warns.
He also urges people to regularly check privacy settings across all their accounts to restrict what information strangers can view or access online. Online shopping scams have soared since the pandemic, with criminals creating perfect copies of popular retail websites to trick shoppers.
“Look for the padlock symbol in your browser address bar before entering payment details on any website,” Sanders recommends, adding “check for poor spelling, odd email addresses for customer service and prices that seem too good to be true”.
Sanders emphasises quick detection of unusual account activity dramatically improves chances of recovering stolen money: “Check your bank statements regularly for transactions you don’t recognise, even small amounts. Scammers often test accounts with small purchases before attempting larger fraud”.
