During the recent Emerging Payments Association (EPA) Financial Crime project meeting, we were all reminded of the Take Five to Stop Fraud campaign.
This is simple & practical advice to help everyone across the UK protect themselves from preventable financial fraud. The scale of Financial fraud losses totalled a staggering £768.8 million in 2016.
Whilst banks and other financial service providers stopped £6.40 in every £10 of attempted fraud, much more needs to be done.
We took the opportunity to remind everyone at W2 about the Take Five to Stop Fraud campaign. Check out this introductory video as well as headline advice from the website.
The idea is to ‘ take five’ and stop to think about how and where you use your financial information.
FIVE POINTS to remember
- Never disclose security details, such as your PIN or passwords.
- Don’t assume an email, text or phone call is genuine.
- Don’t be rushed – a genuine organisation won’t mind waiting.
- Listen to your instincts – you know if something doesn’t feel right.
- Stay in control – don’t panic and make a decision you’ll regret.
Using the advice from the Take Five , one of our contacts raised a potential ‘Share, bond and boiler room scam’ directly with the FCA.
In the coming days and weeks, we will provide more information that our customers can use. We’ll also explain how you can use these insights with your own clients.
