Santander ramps up fraud alerts to protect customers making online payments
Santander is ramping up its fraud alerts to help protect customers making online payments.
Under a code of conduct introduced in May 2019, banks must present customers with ‘effective’ warnings about scams when they transfer money.
Fraud checks: Santander says it will start asking a series of questions to determine what scam customers are most at risk from, then show a tailored warning
Money Mail has revealed that many such messages are generic and unlikely to protect customers.
But Santander says it will start asking a series of questions to determine what scam customers are most at risk from, then show a tailored warning.
If the customer says they are transferring money for an investment, for example, they will be asked how they heard about it and whether it is in the UK.
And if the bank is concerned, it may request further checks before the payment goes through.