Nationwide announces new service to give members enhanced scam protection
As the saying goes, prevention is better than cure, with the launch of 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.
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.
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 Promise1.
Members are also being encouraged to play their part in scam prevention. If through the Scam Checker
Nationwide has worked hard to offer a promise that both provides a greater level of protection as well as offering a value-for-money service for
The new service will work alongside existing fraud and scam prevention measures.
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.”
Each day Nationwide’s Economic
- Sharing responsibility across
financial services: Nationwide believes all financial services providers should be responsible for refunding their customers and members, rather than just the biggest, which is currently the case under the CRM. Nationwide also wants the responsibility for refunding to be shared between the sending and receiving bank or building society, ensuring more is done to tackle mule accounts. Currently the onus is placed on the sending provider. The Society is calling for this to be reflected in an improved statutory code covering all relevant parties.
- Improved regulation of telecoms, internet service providers and social media: For scams to be significantly reduced, all parts of the payments ecosystem must work together – financial services, telecoms, internet service providers, big tech, social media and the regulators across those sectors. Nationwide wants to see a unified and committed approach to make a tangible difference.
- Amendments to the Draft Online Safety Bill: The Draft Bill, announced in the Queen’s Speech, failed to include protection from scams and fraudulent adverts. Nationwide wants to see these included so that decisive action is taken.
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