News

Customers warned of scams by the UK banking lobby amid COVID-19

Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry out fraud, according to Financial Times. In 2019, Britons were defrauded £456 million in bank transfer scams. 

This was driven by scammers who were exploiting digital platforms to swindle their victims. However, in accordance with the industry’s voluntary reimbursement code (2019), victims were provided £41m in compensation for the cases evaluated. 

The financial sector was successful in impeding more than £1.8 billion worth of fraud attempts in the year. Customers are urged to follow the guidance of the Take Five to Stop Fraud campaign to prevent scams seeking to exploit concerns over the coronavirus epidemic.

Customers are impelled to stop before making any transfer, and “rejecting, refusing, or ignoring any requests” that appear dubious.