‘Take Five’ to fight fraud as UK fraud incidents top 1 million in 2016

Stop fraud

More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by Financial Fraud Action UK (FFA UK). Representing a 53 percent increase compared to the same period last year, this means an incident happened in the UK every 15 seconds between January and June 2016.

The figures are released as FFA UK and all major banks and key financial services providers across the UK come together for the first time to launch a national campaign to combat financial fraud. The campaign - Take Five – aims to put consumers and businesses back in control with straightforward advice to help prevent financial fraud. It focuses on financial frauds directly targeting customers, such as email deception (known as phishing) and phone and text-based scams (sometimes known as vishing and smishing), and is designed to remind people that it pays to stop and think. It will also help protect people from criminals duping them into moving money into bank accounts controlled by the fraudsters.

New research reveals that although almost three quarters (73 per cent) of people claim they are aware of the methods fraudsters use, more than a quarter (26 per cent) of people admit they still provide personal details to people claiming to be from their bank, even if they do not think they should.

The most common reason for respondents sharing their details was because they felt the person seemed genuine (43 per cent) while almost four in ten (39 per cent) said it was because they felt pressured. Almost four in ten (38 per cent) also said it was because they were busy/in the middle of something and wanted to get them off the phone quickly.

Of those who have been a victim of financial fraud, almost a quarter (24 per cent) admitted the main reason was because the fraudster was extremely convincing. More than a third (37 per cent) of people thought they were being scammed during the conversation but still continued with the transaction and almost a quarter (23 per cent) realised after the conversation had finished.

The Take Five campaign is asking consumers to help protect themselves from financial fraud by remembering some simple advice:

Never disclose security details, such as your PIN or full password 
It’s never right to reveal these details

Don’t assume an email request or caller is genuine
People aren’t always who they say they are

Don’t be rushed
A bank or genuine organisation won’t mind waiting to give you time to stop and think

Listen to your instincts
If something feels wrong then it is usually right to pause and question it

Stay in control
Have the confidence to refuse unusual requests for information.


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Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.


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