Nationwide is alerting its millions of members to remain vigilant, so as to avoid having their hard-earned cash taken from their accounts. The world’s largest building society issued a clear “buyers beware” warning earlier this week, as traditional-style scams make a comeback.
According to Nationwide, this year’s Black Friday, November 29, is anticipated to be the busiest ever recorded. Nationwide is identifying more instances of “card not present” fraud, where a victim’s card information is stolen over the internet or physically scanned.
So far in 2024, purchase scams have constituted 20% of all reported fraud, where swindlers advertise non-existent items, often at attractive, discounted prices, luring unsuspecting consumers. The average loss from these scams stands at £648.
Jim Winters, the head of economic crime at Nationwide cautioned: “Fraudsters will capitalise on any event and Black Friday is no exception. As our data shows, old school fraud hasn’t gone away and continues to be the most prevalent, meaning we all need to be extra vigilant at this time of year, whether spending online or in store.”
He adds: “While anyone subjected to ‘card not present’ fraud will generally be refunded, it’s extremely inconvenient and stressful, particularly around Christmas. That’s why it’s so important people check their accounts regularly, use safe and trusted sites and stop and think when you see a ridiculously good deal, as it’s probably too good to be true.”