New research1 conducted by Nationwide has found that fraud and scam victims are not reporting losses under £100 as they believe it isn’t worth it, are too embarrassed or doubt they will be refunded.
An estimated 2.5 million people in Britain are not reporting money lost to fraud and scams2, which is why Britain’s biggest building society is urging anyone affected by fraud to report it, irrespective of the value, to support wider effects to crack down on criminals.
Around a quarter (24%) of victims did not report losses of any amount, rising to around three in ten (29%) for losses under £100. More than a quarter (27%) opted not to report their case because they did not think they would be refunded, while 23 per cent were too embarrassed to report it.
Jim Winters, Head of Economic Crime at Nationwide said: “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 is currently one of only a few high street financial services providers to confirm that its customers will not be charged the £100 excess as part of the new Payment Systems Regulator (PSR) fraud rules which came into effect on 7 October*. Nationwide has also committed to continuing to review cases over £85,000 on an individual basis.
According to the poll, more than four in ten (42%) 25 to 34-year-olds were too embarrassed to report fraud of any amount, compared to a third (33%) of over 55s. One in three (33%) people aged 25 to 34 didn’t think they would get their money back, compared to more than half (55%) of those aged 35 to 44s.
Nationwide’s own data reveals the average loss through fraud or scams is £1,8003, with the consumer research showing that nearly two in ten (19%) consumers have fallen victim to fraud or scams.
Anyone affected by fraud or scams can find help and support on Nationwide’s website Fraud and security | Nationwide. Nationwide also offers a Scam Checker Service that is designed to protect customers when making a purchase.
