Nationwide has issued a warning to all members, urging people to be vigilant this coming week and avoid being conned out of their hard-earned money. The world’s largest building society is saying “buyers beware” as it reports a spike of “old school” scams.
Nationwide observed a 25% surge in spending on the Monday before Black Friday last year and anticipates that this Friday, November 29, could set records as the busiest shopping day yet. Nationwide has noted an uptick in “card not present” fraud, where thieves either steal or scan someone’s card details.
The age bracket of people most likely to fall for the con, according to Nationwide data, is 25-44. People born between 1980 and 1999 represented some 42% of the card not present scams reported, it said.
Jim Winters, Nationwide’s head of economic crime, warned: “Fraudsters will capitalise on any event and Black Friday is no exception. As our data shows, old school fraud hasn’t gone away and continues to be the most prevalent, meaning we all need to be extra vigilant at this time of year, whether spending online or in store.”
He added: “While anyone subjected to ‘card not present’ fraud will generally be refunded, it’s extremely inconvenient and stressful, particularly around Christmas. That’s why it’s so important people check their accounts regularly, use safe and trusted sites and stop and think when you see a ridiculously good deal, as it’s probably too good to be true.”
