Nationwide warns of scam tactic – ‘It’s money you’ve lost for good!’

For Love or Money: Gill recalls how she was scammed online

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Being scammed is an emotional, mental and financial disaster for many. However, in some circumstances the situation becomes more dire as Britons may not be able to recover their lost funds.

Most banks will reimburse scam victims depending on the scam tactic and what the victims’ role was in allowing fraudsters access to their funds. 

Nationwide shared the most common types of scams Britons should be aware of, and which will not see them able to recover their stolen cash. 

Safe account scams

These scams involve a fraudster calling their victim and claiming to be from their bank, building society or even police. 

The fraudster will claim that the victims account is at risk due to a security breach and in order to keep their money safe they should move it into a protected account. 

Scammers using this tactic will usually make victims feel rushed, pressured and stressed during the phone call, which will make it easier for them to avoid suspicion. 

Unfortunately, Britons who fall victim to this scam tactic may not always be able to recover their funds. 

As Nationwide stated on their website: “It’s you who moves that money, not them. And it’s money you’ve lost for good.”

They added that genuine trusted companies will usually not call out of the blue to request a transfer like this. 

Refund overpayment

Scammers using this tactic often impersonate broadband or telecom companies, which victims may hold an account with, and state that there is an issue with their computer which needs to be fixed. 

The scammer then asks the victim to provide them with remote access, which they say will be compensated for the inconvenience. 

Victims are then told to login to their online banking, and they witness a payment come in. 

The scammer will add that they accidentally overpaid this compensation and will ask victims to transfer the overpayment back to them.

What has actually happened is the scammers usually transfer money from the victims savings into their current account, which appears like the compensation. 

Then the victim unknowingly provides the scammer with all of the details they need to access their bank account, send their own money to the fraudster and could lose other personal data due to screen sharing or remote access. 

Nationwide shared that Britons should never log in to their internet banking while someone has remote access to their device.

Rogue traders

Scammers might impersonate a tradesperson and appear on a victims doorstep explaining that their home needs work or repairs urgently, such as to their roof or driveway.

This scam can then go two ways, either the fraudster will overcharge the victim for unnecessary work or ask for full payment for the work and materials upfront and then are never seen again.  

Nationwide suggested: “Don’t feel rushed to get work done by someone knocking on your door. Take your time, do your research, and get several quotes before making any decision.”

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