Santander is alerting customers about the dangers of bypassing new fraud prevention measures designed to protect against Facebook Marketplace scams. The bank’s dynamic fraud warnings, introduced before Christmas, have already helped save over 1,800 customers from falling victim to fraudulent purchases.
Rising Scam Concerns
In response to a surge in scams reported by Santander customers, resulting in nearly £6.5 million in losses last year—a 50% increase from the previous year—the bank implemented new fraud protection rules. These measures require customers to answer a series of tailored questions about their purchase when transferring money via mobile or online banking for items on Facebook Marketplace. If customers haven’t seen the item in person, the transaction is halted, and they are advised to use more secure payment methods like debit or credit cards.
Effectiveness and Loopholes
Between December 2023 and May 2024, these fraud prevention measures prevented 1,899 customers from proceeding with potentially fraudulent purchases. However, 7,950 customers initially blocked from making payments confirmed they had seen the item in person and proceeded with the transaction. Alarmingly, 240 of these subsequently reported falling victim to scams.
During this period, 439 people in total fell victim to scams on Facebook Marketplace, losing a combined £284,000—an average of £647 per person. Notably, 263 of these victims had altered their answers to bypass the fraud prevention measures.
Expert Advice
Chris Ainsley, Head of Fraud Risk Management at Santander, highlights the manipulative tactics used by fraudsters: “The fact that hundreds of customers felt the need to sidestep our fraud prevention measures by changing their answers shows the level of pressure these criminals exert. If you’re being pressured to make a bank transfer for a purchase you haven’t seen in person, or are told to lie to your bank, beware—these are telltale signs of a purchase scam.”
Conclusion
Santander’s enhanced fraud prevention measures are a crucial step in combating rising scams on platforms like Facebook Marketplace. Customers are urged to adhere to these measures and remain vigilant against manipulative tactics used by fraudsters.
Stay informed with FinQfy for the latest updates on fraud prevention and tips on staying safe while shopping online.
