HSBC and Metro bank join Britain’s Stop Scams hotline

By Huw Jones

LONDON (Reuters) – HSBC, its on-line arm First Direct, and Metro Financial institution have joined a fraud-reporting hotline as the price of residing disaster will increase the variety of monetary scams, an trade physique stated on Tuesday.

Britain has turn into the rip-off capital of the world as extra individuals financial institution on-line, particularly because the COVID-19 pandemic started unfolding in 2020.

Cease Scams UK, a banking and on-line trade community launched a yr in the past, permits prospects to dial 159 to report a fraud to their very own financial institution moderately than having to seek out its quantity.

Members already embrace Barclays, Meta, Microsoft, Google, NatWest, Nationwide Constructing Society, Santander and Discuss Discuss.

“By calling 159 it’ll assist individuals break the scammer’s spell, it’s an vital piece of armour that prospects can use to assist in defending themselves,” stated Baz Thompson, head of fraud at Metro Financial institution.

UK Finance, a banking trade physique, has stated there was a 39% enhance final yr in fraudsters tricking prospects into making real-time funds.

In money phrases, prison gangs stole over 583 million kilos from people and small companies, by pretending to be both a financial institution or different service supplier.

“The associated fee-of-living disaster is simply making the issue worse,” Cease Scams UK stated.

Confronted with rocketing vitality, mortgage and meals payments, many extra households will turn into susceptible to scams.

HSBC, First Direct and Metro add 18.5 million prospects to the 159 service, which now covers the overwhelming majority of UK banking prospects, Stops Scams UK stated.

Since its launch in September final yr, there have been over 150,000 calls to the hotline, and Britain has proposed an ‘on-line security invoice’ to assist regulators crack down more durable on monetary scams.

Banks hope the invoice will embrace clearer steerage permitting them to share anonymised buyer information for recognizing new forms of scams sooner, however it faces opposition from privateness campaigners.

(Reporting by Huw Jones; modifying by Philippa Fletcher)