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Financial fraud cost UK £2 million a day in 2016

The Take Five campaign is urging consumers to protect themselves from financial fraud on a day of action supported by banks across the country. It comes in wake of figures released today, 16 March, by Financial Fraud Action UK (FFA UK), which saw £2 million a day lost to financial fraud in 2106.

The day marks the first-time major banks and key financial service providers have come together to raise awareness of how people can protect themselves, family and friends from fraud.

Staff in more than 6,800 bank branches and financial services offices will encourage customers to discuss simple measures five family or friends can take to protect themselves from financial fraudsters.

New research also out today shows nearly three quarters of us worry about becoming victims of financial fraud, while more than six in ten worry about members of our families. However, seven in ten said they had never spoken to anyone about how to protect themselves against financial fraud, with more than half of us believing financial fraud was too complicated to explain.

Take Five Day is part of the Take Five campaign to help consumers protect themselves against deceptive email (phishing), phone (vishing), and text (smishing) attempts.

The Take Five campaign asks everyone to pass the following advice on to 5 or more loved ones:

  1. Never disclose security details, such as your PIN or full password – it’s never right to reveal these details
  2. Don’t assume an email request or caller is genuine – people aren’t always who they say they are
  3. Don’t be rushed – a bank or genuine organisation won’t mind waiting to give you time to stop and think
  4. Listen to your instincts – if something feels wrong then it is usually right to pause and question it
  5. Stay in control – have the confidence to refuse unusual requests for information