A convincing call or message can make a fraudulent request seem genuine. Taking time to check who you are dealing with can help you spot when something is wrong.

How to spot banking fraud

We have teamed up with our charity partner, Money Ready, to share practical guidance on some of the most common types of banking fraud, the warning signs to look out for and what to do if you are concerned.

How to spot banking fraud - Money Ready

Fraud is not always easy to spot. A request may seem perfectly reasonable, particularly if it appears to come from someone you trust.

Fraudsters may impersonate your bank, a business you know or someone close to you. They may put you under pressure to act quickly, keep a request confidential or make a payment before you have time to check the details.

Graeme Ritchie, Chief Risk Officer at Hampden Bank, explains:

“If someone is creating urgency, that’s a warning sign. Fraudsters want people to act emotionally, not logically.”

The value of slowing down

At Hampden Bank, we may ask an extra question or make a phone call to check a payment, particularly if it is unusual or involves a significant sum. This is what we mean by “healthy friction”: taking a little more time to give us and our clients the chance to spot anything that does not look right.

Being confident online does not make you immune to fraud. Scammers can create convincing websites, messages and investment proposals. As Yvonne Scott, Senior Financial Crime Manager at Hampden Bank, has warned, criminals are becoming particularly good at gaining someone’s trust and persuading them to grant access to banking systems.

If you are unsure about a request, stop, check and speak to someone you trust.

Hampden Bank will never ask you to move money to a so-called “safe account”. We will never ask you for your PIN, Digital Banking password or a one-time passcode generated when logging into Digital Banking.

If something does not feel right, take your time. Contact your banker using contact details you already know are genuine.

For more practical guidance on protecting your finances, read our fraud guide.