Banks and other financial service providers work hard to protect their customers – in the UK last year, their innovative systems stopped 70% of attempted fraud from actually happening.
The 30% that did happen though? That cost the nation £755 million.
Clearly, something needs to be done, and Financial Fraud Action UK Ltd (FFA UK) doesn’t believe this ‘thing’ has to be complicated. In fact, it can be as simple as encouraging people to take a moment to stop and think.
Many people may already know the dos and don’ts of financial fraud- that no-one should ever ask them for their PIN or full password, or ever make them feel pressured into making a decision. The trouble is, in the heat of the moment, it’s easy to forget this.
After all, trusting people on their word is something everyone tends to do instinctively. If someone says they’re from your bank or from the police, why wouldn’t you believe them?
Before you take their word for it though, Take Five (a new awareness campaign led by FFA UK and its members with partners Cifas and City of London Police) urges you to stop and consider whether the situation is genuine – to stop and think if what you’re being told really makes sense.