Nationwide is warning shoppers as it reveals ‘card not present’ fraud – when someone’s card details are stolen online or scanned – is the building society’s most common fraud this year.
It comes as many outlets use the Monday preceding Black Friday to kickstart their sales. Nationwide’s spending data from the same Monday last year recorded a 25 per centii rise in Black Friday retailer spending, compared to a typical Monday.
‘Card not present’ fraud, which relates to remote purchases of goods and services accounts for nearly a quarter (22%) of all fraud cases in 2024.
The building society’s data reveals four in ten (42%) 25 to 44-year-olds have fallen victim to card not present. This compares with just seven per cent of those aged over 75.
Nationwide also reported purchase scams account for 20% of all fraud in 2024 – where criminals sell non-existent products, often at discounted prices, to attract buyers, whereas cases of stolen cards account for 14% of all fraud cases in 2024.
Nationwide predicts that Black Friday will be its busiest day ever, with a forecast nine per cent increase in transactions compared to last year (10.6 million payments, compared to 9.7 million in 2023). Customers are predicted to spend 12 per cent more on the day – more than £336 million (£233,333 per minute) versus £300 million in 2023 (£208,333 per minute).iii
Jim Winters, Head of Economic Crime at Nationwide said: “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 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.”
Amanda, from Hull, was recently the victim of card not present fraud. She said: “I have become hyper vigilant when it comes to being scammed. Luckily, the transactions were stopped and I was refunded, but it’s bittersweet as I was so worried about being scammed, I missed a genuine alert from my bank. Criminals are clever – anyone can end up a victim and even when you don’t fall victim or lose big sums, the worry stays with you. It’s on my mind every day and I check my balance regularly, even more than before. It’s extra stress I don’t need.”
Top tips to avoid ‘card not present’ fraud:
- Check your account regularly – at Christmas it’s easy to miss a fraudulent transaction in amongst the genuine purchases.
- If it’s too good to be true it probably is – if something’s a lot cheaper or you haven’t heard of it before, don’t risk it.
- Check websites carefully – do they look reputable? Do you recognise the brand or website, does it have good reviews? If not, it’s best to go somewhere else.
- Don’t share codes – never share one time pin codes with anyone – financial providers will never ask you for one.
- Don’t save card details – while it’s handy to save cards onto websites you use regularly, if you don’t need to, it’s best to add your card details for the one purchase.
- Be wary in public – check who can see you entering your PIN, or hear you giving personal info over the phone, or using your phone to buy something online in public. Criminals can swipe your unlocked phone with your payment information and digital wallet.
- Scam checker – Nationwide customers can use its Scam Checker service if they are in any doubt about who they are paying. It’s prevented £13m fraudulent payments to date.
- Get in touch – report anything suspicious to your building society or bank as soon as you can.
Anyone affected by fraud or scams can find help and support on Nationwide’s website Fraud and security | Nationwide.
