There are some pretty scary statistics when it comes to fraud. In 2023, an average of £2,300 was stolen every minute by fraudsters, according to UK Finance’s Annual Fraud Report.

Of those losing out to the criminals, 48% of 25-34 year-olds had fallen victim to fraud or knew someone who had. But while older generations don’t seem to suffer so frequently, they do lose the most to fraudsters, with over 55s losing £936 on average, according to November’s Banking Disruption Index from digital transformation specialist GFT.

So, what’s the best way to avoid fraud? Experts often talk about two approaches to protecting yourself – awareness and prevention.

A good way to be aware of potential fraud is knowing the tactics fraudsters use to pressure you into giving up your details, which often play on your emotions. If you’re able to spot their method you could avoid their trap.

A fraudster will often use the ‘CAUSE’ technique when they call or message you, which plays on any number of the following behavioural sensitivities…

• Context – i.e. “save money during the cost-of-living crisis”
• Authority – i.e. “we’re from an official body”
• Urgency – i.e. “you need to do this now”
• Scarcity – i.e. “this is your only chance”
• Emotion – i.e. “don’t make your family vulnerable”

Once you’re aware of how fraudsters operate you can be more confident about preventing fraud. Here are three timeless anti-fraud tips:

• regularly change your passwords
• use biometric security where you can
• if ever unsure, stop, challenge and protect yourself – on the phone that means hanging up, waiting five minutes then phoning the bank on a number you know.

To find out more about the latest scams, reporting fraud and how to protect yourself, visit our security and fraud centre. 

You can also take steps to enhance your level of security by using the free ‘My Security Profile’ tool in the NatWest app (within the ‘Help’ tab). From adding fingerprint and facial recognition to changing your payment limits or learning to spot scams, the tool suggests specific steps to make your account safer. 

App available to customers aged 11+ using compatible iOS and Android devices. You’ll need a UK or international mobile number in specific countries. Biometric approval is available to eligible mobile app customers aged 16 or over.