Santander has become the first UK high street bank to introduce tailored fraud warnings on its mobile app and; allow customers to use the app to authorise online shopping transactions using a fingerprint or facial recognition. The new features, which will be available in the latest update to the banking app are being rolled out throughout April. It means customers of the bank will receive additional support in protecting themselves from fraudsters.
Chris Ainsley, Head of Fraud Strategy at Santander said: “We are committed to helping our customers protect themselves against fraud and these innovative enhancements to our mobile banking app are the latest step in that fight.
“The new features will mean that the three million customers who use our mobile app will have the information at their fingertips to help stop the scammers, as well as giving them an easy way to cancel and contact us directly if they feel uncomfortable with a payment.”
When making a payment or setting up a standing order via their mobile banking app, customers will now be asked to specify the reason for the transaction. The options include buying goods online; property or large purchase; request by phone and; friends or family.
Customers will then be provided with a tailored fraud warning explaining how criminals might be manipulating them into transferring money. For instance, customers who tell us that they are moving money to another one of their accounts will be shown a warning that says:
“If you’ve been told your account’s at risk and to move your money, this is a scam.”
If the customer feels uncomfortable with the payment after reading the warning, they can chose to cancel the payment journey and will be given an icon they can click to call Santander immediately to discuss their concerns. Alongside these enhanced warning messages, customers will be given the option to delay a payment from their account, allowing them time to change their mind.
Last year Santander was the first bank to introduce similar steps on its online banking website, giving customers setting up a new payment specific fraud warnings and the option to set the payment to leave their account at a later date.
As part of its latest investment to fight fraud, Santander has also introduced additional authentication for payments that require additional authentication through 3D secure.
Customers making such transactions will receive a notification to their online banking app, asking them to verify the payment using their security details, or fingerprint and facial recognition if their smartphone allows it. Customers will be urged to cancel the transaction if they have reason to believe that it is suspicious.
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1) Screenshots of the new tailored fraud warnings are attached.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 31 December 2018, the bank has c23,800 employees. It serves around 15 million active customers, via a nationwide branch network, telephone, mobile and online banking; and 64 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. At the end of 2018, Banco Santander had EUR 981 billion in customer funds (deposits and mutual funds), 144 million customers, 13,000 branches and 200,000 employees. Banco Santander made attributable profit of EUR 7,810 million in 2018, an increase of 18% compared to the previous year.
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