Nationwide is urging people to register their mobile numbers with their bank or building society in time for new legislation designed to make online shopping and digital banking safer.
Research1 from Britain’s biggest building society shows more than two fifths (42%) of shoppers who store card details on online shopping sites forget where they have saved their card details – from online marketplaces and department stores to everything in between.
To further improve fraud protection for its membership Nationwide will for be extending its Strong Customer Authentication from September, that requires its customers to complete an extra step to confirm it’s really them when making certain payments online. It comes as ‘card not present fraud’, where someone uses your personal information and details from your card to shop online or over the phone, remains the most prevalent type of fraud. Just under a quarter (24%) of Brits have had their personal details stolen online, according to Nationwide’s research, with people shopping online more than once a week on average.
Fraudsters will often access people’s information from data breaches at the places where they shop or from sources of public information available online, such as social media profiles. The rise of social media has led to people sharing more of their personal information online, making it easier for fraudsters succeed in their deception - seven in ten (71%) Facebook users said they used their full name on the site, while 53 per cent confessed to putting their full date of birth. More than half (54%) include their home town, while eight per cent use their address.
In addition to securing online payments, Strong Customer Authentication will also add an additional security layer when they access the Internet Bank or Mobile Banking app. Customers will be sent a one-time passcode by SMS that they will need to enter to prove it is them and for our Mobile Banking App they can use fingerprint or facial recognition, as they do today. This extra step will make it more difficult for fraudsters to impersonate customers as it does not rely on personal information that is widely shared.
Jag Bassi, Head of Digital Products at Nationwide Building Society, said: “Increasingly more of our lives are being managed online as consumers want access to goods and services 24/7. However, we need to be mindful of the information we put in the public domain and that if it gets in the wrong hands, we could become a victim of fraud.
“Nationwide is working hard to protect our members from online fraud by adding further security, particularly when they shop or bank online. People will be required to enter a one-time code sent to their mobile, which will further confirm it is really them making the transaction. We will continue to introduce more options for our members, such as using codes generated by our card readers or by sending approval requests directly to users Mobile Banking Apps. It is essential that members ensure their personal details are up to date, especially email addresses and phone numbers, otherwise they may find they won’t be able to make purchases online.”
Nationwide, which serves and is owned by its 15 million members, already requests them to use their card readers when logging in to the Online Bank, and enables fingerprint or facial recognition to access the Mobile Banking App. To help protect members and their money, they may now be asked to input a one-time passcode, card reader code or authenticate their payment via the mobile banking app, when shopping online.
Members can update their contact details via the Mobile Banking app, Internet Bank, by calling the Society’s UK-based call centres or by visiting their local branch.
Notes to Editor:
1 Research completed by Censuswide of 2,004 UK consumers between 23-26 April 2019.
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.