Nationwide issues £648 warning to all customers

Nationwide has issued a warning to its millions of members, with people urged to act vigilantly to avoid losing out on their own hard-earned cash. The world's largest building society is warning "buyers beware" as "old school" style scams are doing the rounds.

It said the Monday before Black Friday led to a 25% spending surge last year, with this Friday, November 29, predicted to be the busiest ever. Nationwide said it is seeing increasing cases of a "card not present" fraud, where a person's card details are stolen online or scanned.

Purchase scams accounted for 20% of all fraud so far in 2024, where criminals sell non-existent products, often at discounted prices, to attract buyers. The average amount lost via these is £648.

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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.”