Banks and 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 number 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. Until we have good reason not to. If someone says they’re from your bank or another trusted organisation, why wouldn’t you believe them?
Before you take their word for it though, Take Five, a new campaign led by FFA UK, urges you to stop and consider whether the situation is genuine – to stop and think if what you’re being told really makes sense.
Take Five is created in collaboration with FFA UK’s members (the nation’s major banks, credit, debit and charge card issuers, and card payment acquirers), partners, (the Government, Cifas and the City of London Police) and most importantly, with you, the public.