Millions of Nationwide Members Issued Urgent Payments Warning

As the holiday season approaches, Nationwide, the largest building society globally, has issued an urgent warning to its over 16 million members. With Christmas a mere two weeks away, customers are advised to be vigilant while shopping. The society is preparing for a surge in transactions, predicting over 20 million will occur during peak shopping days.

Transaction Predictions for Christmas

Nationwide anticipates that between December 12 and December 13, approximately 20.6 million transactions will take place. This figure marks a 6.39% rise compared to the same dates in December 2022. The busiest day is expected to be December 20, when up to 10.7 million transactions are forecasted as shoppers finalize their holiday purchases.

Risks Associated with Holiday Shopping

Nationwide has cautioned customers about potential dangers, including the risk of overpaying and falling prey to scams. Mark Nalder, the Service, Operations, and Performance Director, emphasized the importance of making informed purchasing decisions amid decreased consumer confidence.

“Although shopping volumes are expected to increase, it is critical to be cautious. Shoppers should ensure they are paying reasonable prices and watch out for scams, especially on platforms like Snapchat and Telegram where reports of fraud have surged,” Nalder stated.

Nationwide’s Scam Prevention Tips

To help protect consumers during the holiday shopping frenzy, Nationwide has outlined essential tips:

• Be wary of any urgency to make a quick decision while shopping, as scammers often create a false sense of pressure.
• Prefer secure payment methods and avoid bank transfers unless certain of the transaction’s legitimacy.
• Report any suspicious activity to your bank or building society and to Action Fraud instantly.
• Utilize available tools, like Nationwide’s fraud line and their Scam Checker service, to verify unusual payment requests.

Additional Incentives from Nationwide

In an effort to attract new customers, Nationwide is offering a £175 cash incentive for those who switch to their FlexPlus, FlexDirect, or FlexAccount from another bank. Eligible individuals should verify their qualifications to take advantage of this offer.

As the festive season draws near, staying alert and taking necessary precautions can help ensure a safe shopping experience for all.