Nationwide launches customer payment scam checker service
Nationwide Building Society has announced further support to help protect members from falling victim to Authorised Push Payment (APP) scams.
It has launched a new Scam Checker Service designed to help prevent members from being scammed. It enables them to check a payment they are worried about either in branch or by calling a 24/7 freephone number (0800 030 4057). Colleagues will then talk with members about the nature of the payment and discuss if there are any concerns with proceeding.
Joe Garner, Chief Executive of Nationwide Building Society, said: “Success is not just ensuring victims are reimbursed – but also preventing these crimes happening in the first place. That’s why we are introducing our scam checker service to help prevent our members being scammed. We're also calling on the big tech, telecoms and social media companies that play host to these crimes to take more responsibility for stopping them. We must work better together in the mutual interest of fighting this criminal activity.”
Stopping victims falling for scams
Nationwide's colleagues are trained to spot the signs of economic crime and routinely stop members from falling victims to scams. Talking to members gives them time to stop and think before completing a payment and forms an essential part in educating members on the warning signs of economic crime. This intervention forms the basis of the Scam Checker Service. Nationwide’s data shows that speaking to members before they make a payment could help identify and stop up to two thirds (65%) of attempted scams each year.
Members who fall victim to an Authorised Push Payment (APP) scam after being given the go-ahead to make the payment will be refunded in full under the Society’s new Scam Protection Promise.
Members are also being encouraged to play their part in scam prevention. If through the Scam Checker Service someone is warned against making a payment and they proceed, or if they fail to share requested important information needed to assess the payment, then the Promise will not apply. In these cases, any APP scam refund will be made on a case-by-case basis, in line with the Contingent Reimbursement Model (CRM) code just as it is now, considering factors such as vulnerability and the nature of the scam.
The new service will work alongside existing fraud and scam prevention measures. Members will still be able to check the name on a new payee account using Confirmation of Payee (CoP). They will also still receive appropriate scam warnings and guidance when they make payments online or via our App, prompting them to stop and think before proceeding with their intended transaction.
- Airwallex partners with MODIFI to launch payments solutionFinancial Services (FinServ)
- MPs call for Bitcoin to be regulated as gambling in the UKCrypto
- Stripe partners with Airbnb to power its banking systemsFinancial Services (FinServ)
- Swinburne: Regulators putting best practice onus on fintechsFinancial Services (FinServ)