Fresh Warning Issued on Scams That Can Empty Your Account in Seconds

Fresh Warning Issued on Scams That Can Empty Your Account in Seconds Credit: Pixabay

Fresh Warning Issued on Scams That Can Empty Your Account in Seconds.

FRESH warnings have been issued on bank transfer scammers that can see your account emptied out in only seconds.

Warnings have again been issued to alert people to scammers that aim to get you to hand over your savings. Consumer watchdogs have been asking high street banks to highlight the fact that many people are still being hit by fraud which can see their bank accounts emptied in seconds.

Thousands of people each year fall foul to the trick of being asked to transfer money into a different account, as they believe that the transfer is legitimate.

The two-year anniversary of the voluntary code of conduct which was introduced by banks falls on Friday, May 28. The intention of this code was to provide people with increased protection from scammers. It particularly it aimed to support vulnerable customers.

Sadly though this fraud is still occurring and personal finance experts at money.co.uk have highlighted the fact that Brits still need to keep alert for these types of scams.

James Andrews, senior personal finance editor at money.co.uk, spoke about the scams and said: “Changes aimed at getting more people their money back are always welcome, but it’s still essential people know how to spot a scam when they see one, and how to protect themselves against it.

“There’s a real danger that announcements about new fraud rules or protections put in place by banks will see people relax and assume they are safe. Sadly, criminals are smart and all too often adapt to new rules and protocols almost as fast as they are unveiled.

“Money transfer scammers use the customer themselves as a way past banking security. If a criminal can convince you to log in legitimately then get you to transfer money to a ‘safe’ account, or even withdraw it as cash, there is no technological solution that can prevent it.

“The good news is that banks are doing more to help, from ‘confirmation of payee’ – which puts extra blockers up against people impersonating others when asking people to transfer money – to warnings flashing up on screen all the way through to training for staff in branches and on the phone to help customers stay safer.”

He also went on to explain the pressure applied by the criminals and said: “Criminals often try to apply psychological pressure to get people to push past these barriers – posing as officials and telling customers they have already been scammed, are being targeted or even the subject of a criminal investigation from the police or HMRC.”

If you think you have fallen foul to a scam, the first thing to do is to contact your bank urgently.


The Euro Weekly News is running a campaign to help reunite Brits in Spain with their family and friends by capping the costs of PCR tests for travel. Please help us urge the government to cap costs at http://www.euroweeklynews.com/2021/04/16/ewn-champions-the-rights-of-brits-in-spain-to-see-loved-ones-again/

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Alex
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Alex Glenn

Originally from the UK, Alex is based in Almeria and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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