Santander Bank customers have been issued a new warning about the dangers of online scams which have become increasingly prevalent since the Covid-19 pandemic, with more people than ever shopping online.
But what has Santander said in their latest statement – and what are some of the warning signs to watch out for?
What has Santander said?
Santander has claimed that over 70% of purchase scams start on social media, with the bank reporting that a 61-year-old woman was tricked into transferring multiple payments to someone that she had got to know while gaming online.
The Liverpool Echo reports that the woman went on to transfer around £80,000 to the scammer. She was also instructed to lie about the reasons for her transfers.
Santander revealed that the scam had pushed the woman into great financial trouble. However, the bank was able to refund the woman and referred her to a specialist customer support team to help provide welfare and financial support.
How can banks prevent scams?
Santander is also pushing for a fraud prevention system to be put in place to let customers know that the name of the person they are paying matches the bank account number when making any bank transfer.
Additionally, the bank has suggested that consideration should be given to higher value payments and transactions and that they should be given further checks to help “break the spell of scammers”.
What recommendations have Santander made to the government?
Santander has issued a plan of action and a…
