CashNews.co
Nationwide has issued a warning over amount “under £100”, as the world’s largest building society draws attention to an issue affecting millions in the UK. Nationwide is calling who fall vicim to scams forward and report it, regardless of how much money they have lost.
Its own research research indicates that victims often don’t report fraud involving sums under £100, believing it “isn’t worth it”, feeling too embarrassed, or doubting they will get their money back. Their survey revealed that nearly a quarter (24%) of scam victims didn’t report any financial loss, with this figure rising to almost three in ten (29%) for losses under £100.
Over a quarter (27%) admitted they didn’t report their case as they thought they wouldn’t be refunded, and 23% felt “too embarrassed” to do so. Nationwide has confirmed that it won’t charge customers the £100 excess under the new Payment Systems Regulator (PSR) fraud rules effective from 7 October—a stance shared by Virgin Money, TSB, and AIB.
Additionally, Nationwide pledges to continue reviewing individual cases involving more than £85,000. Jim Winters, head of economic crime at Nationwide, commented: “As anyone affected by fraud or scams knows, it can have devastating effects.”
“Protecting our customers is our top priority and that is why we are waiving the £100 excess because we want to encourage everyone to report incidents. It’s the right thing to do and we hope others will follow suit.”
Nationwide also disclosed that the typical loss due to fraud or scams stands at £1,800, and their consumer research indicates that nearly one in five (19%) people have been ensnared by such schemes.