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Skipton foils £60m of mortgage fraud and scams in 2020

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  • 18/12/2020
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Skipton foils £60m of mortgage fraud and scams in 2020
Skipton Building Society has prevented more than £60m worth of fraud this year by spotting and stopping scammers.

 

The lender said its team of financial crime experts worked hard throughout 2020 to protect customers.

Additional measures to protect customer funds and make products unappealing to fraudsters has helped contribute to a marked fall in fraudulent activity, which has dropped by 45 per cent compared to 2019.

In particular, the society has seen a reduction in savings account frauds, such as authorised push payment fraud.

It comes after Skipton introduced the Nominated Account Verification Scheme, which allows customers to only transfer money to accounts in their name.

This has prevented customers from sending funds directly to fraudsters, and provided an opportunity to stop and question the withdrawal they have been asked to make.

Ian Walker, Skipton Building Society’s head of financial crime, said: “This year has been a difficult year for many, for a variety of reasons and at Skipton we want everyone to feel like they are in a good place.

“Unfortunately, there will always be people out there looking to exploit the situation and its incredibly important for everyone to be clued up on the latest scams and fraud trends, from pension scams and phishing emails to Covid-19 and romance scams.

“At Skipton, we work hard to protect our customers and our team of experts are on hand to support customers who believe they may be a victim of fraud.

“The team this year alone have prevented over £60m in fraudulent mortgages and scams – spotting and preventing numerous attempts at defrauding others. And while it’s pleasing to see this, and the number of cases going down, we all still need to be vigilant and ensure we all make it as difficult as possible for criminals to exploit the customers or the society.”

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