Nationwide Alert: Funds Withdrawn from Bank Accounts

Nationwide Building Society has issued a critical warning to its millions of customers regarding funds being withdrawn from bank accounts due to rising phishing and fraud incidents. This alert comes at a time when the financial institution is actively working to enhance security measures for its members.

Introduction of Call Checker Feature

To combat these growing threats, Nationwide has launched a new feature within its banking app called the Call Checker. This tool allows customers to verify if they are genuinely speaking with a Nationwide representative or a potential fraudster. Nationwide’s decision to implement this feature follows its recent research indicating that the average British individual receives eight scam calls each month.

Fraudulent Activities on the Rise

• Impersonation scams make up 17% of all reported fraud cases.
• Individuals aged over 65 are particularly vulnerable, representing 55% of scam victims.
• Approximately 16% of 18-34-year-olds and 19% of those aged 50-65 have also fallen prey to such scams.

Fraudsters are increasingly sophisticated, often using tactics that pressure victims into sharing personal details, security codes, and even transferring money under false pretenses. This behavior not only exposes vulnerabilities but also leads to significant financial losses.

How Call Checker Works

The Call Checker feature aims to ease customer concerns by providing immediate verification through the app. To use it, customers can follow these simple steps:

• Open the Nationwide banking app.
• Navigate to “More.”
• Select “Call Checker.”

Upon following these steps, users will receive a notification indicating whether they are on a legitimate call with a Nationwide agent. They will see either “You’re on a call with Alex” or “You’re not on a call with us.”

Significance of the New Feature

Jim Winters, the Director of Economic Crime at Nationwide, emphasized the importance of the Call Checker feature. He remarked on the increasing sophistication of scammers and how crucial it is for consumers to verify the authenticity of calls. This feature serves as a simple yet effective preventative measure against becoming a victim of financial crime.

The introduction of Call Checker, alongside the existing Scam Checker service, which has already helped save around £300,000 monthly, highlights Nationwide’s commitment to protecting its customers’ financial security.