Santander warns all customers of 'more common than you think' scam

Santander bank has warned its customers over a recent scam
Santander bank has warned its customers over a recent scam -Credit:PA Wire/PA Images

Santander has issued a warning to all its customers about the prevalence of investment scams, stating they are "more common than you think". Fraudsters often use sophisticated and sometimes aggressive tactics to trick individuals into investing.

The bank has highlighted that these scams can often appear as enticing adverts on social media or through online searches, promising high returns that usually seem too good to be true. As a result, the bank is doing its utmost to protect its customers from such scams.

It noted that cryptocurrency scams are particularly prevalent at present, leading to the bank imposing limits on payments to cryptocurrency. However, criminals often try to circumvent these preventative measures by persuading victims to transfer their money to another account in their name, before forwarding it onto them.

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How can customers protect themselves?

Check it out:

Santander advises carrying out personal checks to ensure the investment opportunity is legitimate. This includes using the Financial Conduct Authority (FCA) register and their ScamSmart tool to verify the investment and the company are regulated.

Avoid clones and fakes:

Customers should also be wary of clone firms and fakes, ensuring they are dealing with a legitimate registered firm. Only use the contact details for a firm that appears on the FCA register.

Stay in control:

Staying in control is key. Research the company first and consider seeking Independent Financial Advice (IFA). Always check the IFA firm and people you're dealing with are legitimate.

Don't be fooled:

Finally, don't be fooled by a professional website, glossy brochure or a celebrity endorsement. These do not always mean that an investment is genuine.

Crypto care:

Take extra crypto care. Never allow anyone to set up a cryptocurrency wallet, upload ID or manage investments remotely on your behalf.

For more information on investment scams, visit the FCA website, which you can find more information here. You can also visit Take Five, which is a national campaign offering impartial, straightforward advice.