Fraud and Security

Fraudsters are always looking for opportunities to target individuals and unfortunately, with the Covid-19 pandemic, they are finding new ways to do this such as impersonating financial advisors and encouraging investment into products that in fact, don’t exist.

Please therefore, be extra vigilant and take care if you receive emails, texts, calls or letters claiming to be from OakNorth Bank or a financial advisor. We will never ask you for your password, log-in details or PIN, and you can confirm what savings products we have on offer by visiting our savings page.

Keep your security information safe. You can refer to section 5 of our personal savings terms and conditions for more information.

Different Fraud Schemes:

1. Identity Theft

Identify theft happens when a fraudster has obtained enough information about someone’s identity (such as their name, date of birth, current or previous address) to commit identity fraud.

There are simple strategies to help protect your financial identity:

2. Cheque Fraud

Cheque fraud refers to criminal acts that involve making the unlawful use of cheques in order to illegally acquire or use funds that do not exist within the account balance or account-holder’s legal ownership.

3. Social Engineering Fraud

  •  Below, we have described a few of the social engineering frauds criminals are committing which you should know about in order to protect yourself online

3.1 Cloned Websites

3.2 Phishing Scams

The term ‘Phishing’ is an action where fraudsters contact victims through emails, proposing to be someone from a trusted organization asking for personal and security information. OakNorth Bank will never ask you to transfer money to a ‘reserve account’, from your existing account or to open a new account. If you receive a phone call, email or other method of communication advising you to do so, always remember to take the time to ask yourself if the contact and request makes sense, act with care, and never share your personal or sensitive information. Be cautious about disclosing any personal information. Where in doubt contact the bank using trusted contact details.

3.2 Vishing Scams

Vishing is the telephone version of phishing. These are unsolicited phone calls from fraudsters which will encourage you to give out your personal details, such as sensitive financial information.

3.4 Smishing Scam

Smishing is when a fraudster sends a text message pretending to be from your bank or a financial institution that you receive a service from or have an account with, to say there’s a problem, ask you for sensitive information and try to trick you into giving away your personal and security information.

4. Mobile Phones Scams

As smartphone technology continues to evolve, it also paves the way for an increasing number of mobile apps scams. These scams can cost their victims anywhere in the range of just a few pounds to their whole life savings. As using these devices becomes a more integral part of our daily lives, it’s important to be aware of ways to avoid mobile scams.

Get Familiar with Your Phone’s Security Settings

Simply becoming more knowledgeable about your phone, its operating system, its capabilities and vulnerabilities, along with the items on your bill, will make you less vulnerable to becoming a victim. All smartphones have security settings that can be adjusted and set to keep your personal information safe. iOS and Android have been paying special attention to their security settings and will have several ways to add further layers of security.

How to Report Fraud

We will never ask you to send your personal passwords or security codes via email, text message or social media. If you receive a request for this information, or any other suspicious email, text message or contact on social media, please email us on phishing@oaknorth.co.uk.

We take fraud seriously and will always do our best to protect you!

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