Would you be able to spot a banking scam?

Scammers often target unsuspecting members of the public by impersonating trusted and well-known brands.

And by ringing up claiming to be from a bank or a building society, they can start talking about money straight away.

So it’s no surprise that this tactic is becoming more and more common.

But worryingly, many people don’t think they’d be able to tell if a call is real or not.

In fact, figures from Nationwide show that more than a quarter (28%) aren’t confident they could spot a genuine call from their bank.

What tactics are fraudsters using?

By claiming to be from a bank or building society, scammers can immediately make their targets feel panicked and under pressure to make quick decisions.

And at the same time, they can make people fear that making a mistake could be very expensive.

That’s why many criminals are being - in Nationwide’s words - “increasingly bold” when they’re contacting prospective victims, asking them to:

• share personal details - 50%
• provide security codes - 34%
• transfer money - 31%

Many are also asking people to lie to their bank, perhaps by suggesting they say they’re paying a friend or family.

That’s because this type of transaction faces fewer checks than other, more high-risk payments like investments.

So it’s worth looking our for red flags like these that might suggest a call isn’t quite what it seems.

What would you do if you got a suspicious call?

If you get an unsolicited call and think something isn’t quite right:

• don’t share your personal or financial information
• verify the identity of any person or organisation requesting money or sensitive data
• be cautious of offers that seem too good to be true
• regularly check your bank statements for suspicious activity

And don’t be afraid to simply end the call immediately.

More than half (53%) of people who get this type of call hang up straight away when they get suspicious.

Once you’ve done this, you can then get in touch with your bank or building society directly and find out if they’ve tried to contact you.

How to report a scam

Less than one in three (29%) people approached by scammers report the incident to their bank, and just a quarter (26%) tell Report Fraud.

But that means many people who are being targeted aren’t doing anything.

So if you’ve been on the receiving end of a banking scam, let your bank know.

It’s also worth reporting it to Report Fraud on their website or by calling 0300 123 2040.