Reason why millions of Brits are at greater risk of banking fraud unveiled

Millions of UK bank account holders are putting themselves at a much greater risk of fraud


Reason why millions of Brits are at greater risk of banking fraud unveiled. Source: pexels.combrto

According to the research, almost one in 10 (8%) UK adults who hold a bank account admit to proceeding with payment without making any further checks when Confirmation of Payee tells them the details aren’t an exact match.

And only around half of people (47%) say they would carry out further checks before proceeding with a transaction when presented with a ‘Confirmation of Payee unavailable’ message, which usually means the recipient bank or payment services provider isn’t signed up to the service, so the account details can’t be automatically checked.

Worryingly, less than half (41%) of people say they are familiar with Confirmation of Payee and understand how it works, and under a quarter (24%) would recognise that a ‘No match’ message means they could be getting scammed.

Fraudsters are trying to steal people’s money all the time, they never stop. We’re talking about organised crime gangs, constantly inventing new scams to dupe victims out of their hard-earned cash. So when you’re making a bank transfer and a warning flashes up to say that the account details don’t match, or can’t be checked at all, that should set alarm bells ringing straight away. Stop, take notice and think about why that could possibly be the case. There’s a big chance it’s because you’re being scammed
Liz Ziegler, Fraud Prevention Director at Lloyds Bank


Pay Space

6887 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.