HSBC has warned customers they face losing as much as £900 to purchase scams. The high street bank has warned purchase scams are on the rise, and worryingly, were 30 per cent higher in October compared with the same month last year, as the Cost of Living crisis continues.
Individual customers falling victim to purchase scams lost £894 on average between July and September, with the average value per case rising to more than £900 in September, HSBC UK revealed. The UK bank’s head of fraud, David Callington, said: “What is clear is that we need a ‘whole-system’ approach to tackling fraud.
“It is the responsibility for all those who bring risk into the system to play a role in preventing fraud, this includes the wider payments industry, but also telcos (telecommunications companies) who provide the numbers, internet service providers and social media firms, as well as consumers themselves.”
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Mr Callington added: “We’re working 24/7 to protect all our customers, and we encourage them to also educate themselves and their staff on the tactics used by unscrupulous criminals in what is often the busiest and most important time of year for many across the UK.”
On Thursday, Virgin Money unveiled plans to spend £130 million on artificial intelligence (AI) and technology to help fight cyber crime, and protect customers from the growing risk of AI-driven fraud. Remember, there are things HSBC will never ask for. These include the transfer of funds to a different account for ‘safekeeping‘ and one-time passcodes either generated securely or sent by email or text.
HSBC will also never ask for online banking details, your card’s 4-digit PIN or your credit or debit cards, cheque books or cash. “Please contact us immediately if you think you’ve been a victim of a scam,” the banking giant goes on to warn on its website in a guide for account holders.
