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Scammers stopped in their tracks as Barclays becomes first UK bank to launch new online fraud intervention service

  • People who are tricked into transferring money to a fraudster using online banking can now get support faster to fix the situation
  • Customers will be asked three fraud prevention questions immediately after making a suspicious and out of character online payment
  • If the customer feels their payment might be suspicious, they can call the bank straight away, using the number on the back of their card

Barclays has become the first UK high street bank to introduce a new fraud intervention service to its online banking system. From today, customers tricked into transferring money to a fraudster can immediately get support to fix the situation with one simple phone call.

 

When a payment made online is flagged as suspicious and out of character, Barclays will intervene to ask the customer three questions to identify whether they are a likely victim of a fraudster. For example, ‘Has someone just called you saying they are from your bank asking you to move money to a ‘safe’ account?’

 

Stopping fraudsters in their tracks, the questions are designed for customers to have a ‘stop and think’ moment to consider whether the request they have had to make a payment is genuine. If the customer has any doubts about the payment after answering the questions, they are asked to call Barclays immediately using the number on the back of their card. It is essential the customer contacts Barclays as soon as possible to help stop the payment being made.

 

This new step to the online banking process is triggered by suspicious and out of character behaviour, including an unusually large transfer to a new or existing payee.

 

The move comes as Barclays revealed that a third (34 per cent) of UK adults have now been a victim of fraud or scams, falling for this not once, but twice on average in their lifetime. The financial impact of this is huge, with the average amount stolen reaching £893.34 per time.

 

Furthermore, (33 per cent) of fraud and scam cases have gone unreported to banks and nearly three quarters (72 per cent) were not reported to the police, due to one in four Brit’s being too embarrassed to admit they have fallen victim.

 

Catherine McGrath, Managing Director, Personal Banking Barclays said: “In our quest for customer satisfaction we have made it instantly possible to pay someone using just their mobile phone, to tap a contactless card, or even scan a cheque on your smart phone. Having been at the forefront of the increased speed payment innovation, Barclays is also the first bank to take a radical step in the safety direction.

 

By putting the control back in our customers’ hands, we hope these changes will make the UK public safer, and our society more resilient to fraud.”

Notes to editors

You can find out more about the new online fraud intervention service at: https://www.barclays.co.uk/security/protecting-your-account/

 

The new online fraud intervention service is designed to interrupt customers and make them pause in order to reflect on whether they may be a victim of a scam.  If the customer, despite our intervention, still continues with the payment then they may still be held liable. However, each customer’s circumstances will be judged on a case by case basis.

In addition to the new online fraud intervention service, Barclays attempts to text or phone a customer to confirm whether a payment is genuine.

About Barclays

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 85,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays .