Banks should work together to “break the spell” of scammers, according to Santander UK.
The Spanish banking giant says a more joined-up approach is needed across the industry and other sectors. It said all banks and payment service providers should follow a specific set of rules to help prevent frauds where people are tricked into transferring cash to criminals.
Social media is the source of more than 70 per cent of purchase scams, according to Santander. The bank highlighted one case in which a 61-year-old woman was persuaded to make several payments to someone she thought she had made friends with while playing an online game.
