About the campaign
What is Take Five?
Take Five is a national awareness campaign led by FFA UK (part of UK Finance) backed by Her Majesty’s Government and delivered with and through a range of partners in the UK payments industry, financial services firms, law enforcement agencies, telecommunication providers, commercial, public and third sector, urges you to stop and consider whether the situation is genuine.
It aims to engage, empower and educate people on how best to protect themselves against financial fraud, such as email deception and phone scams.
The campaign will put consumers and businesses back in control with straight-forward advice to help prevent financial fraud and encourage people to take a moment. It is designed to remind people that it pays to “stop and think”.
Who is behind Take Five?
Take Five is created in collaboration with Financial Fraud Action UK Ltd’s members (the nation’s major banks, credit, debit and charge card issuers, and card payment acquirers), and a range of partners, including the Government, Cifas, charities, UK retailers, telecom providers and law enforcement.
How else can I get involved?
Just by listening to our message and acting on our advice, you’re already involved. You can also use our website to get more tips, watch our campaign videos and check out our Take Five partners for more information and advice. If you are involved in a local organisation you can also use our materials to help spread the message. Follow us on social media too and please remember to share our posts as much as possible!
How will I know what Take Five is up to?
After a big public launch in September 2016, Take Five will continue to spread its message across the nation – go into many banks over the next year and you will see our posters, leaflets and ads, and your bank may also send you details directly. You may also see our message being distributed and supported by other campaign supporters. We’re on social media too: follow us on Facebook and Twitter.
What is Take Five trying to achieve?
The good news is that last year banks stopped £7 in every £10 (a total of £1.76 billion) of fraud from taking place; however as financial institutions invest in increasingly sophisticated tools to prevent fraud, criminals are switching tactics to scam individuals and companies directly. Our aim is therefore to equip people with the knowledge and confidence to deal with financial fraud attempts themselves – primarily by taking time to stop and think before they act.
Is the campaign UK-wide?
Yes. Take Five is a UK-wide campaign, though campaign material will only be available in English.
Is my bank involved with this campaign?
Take Five is created in collaboration with Financial Fraud Action UK Ltd’s members (the nation’s major banks, credit, debit and charge card issuers, and card payment acquirers), and a range of partners, including the Government, Cifas, charities, UK retailers, telecom providers and law enforcement. See a full list of our supporters and links to their advice.
Are there any new changes I should be aware of?
Regulatory changes mean that you may increasingly be offered new financial services to give you more choice and control over your finances and to help you more easily compare deals between providers.
To use these services, you will be asked to give consent to your bank or another provider to access your financial data or to make payments on your behalf.
One way you will be able to provide your consent is by logging into your online banking account. Your financial information can then be shared with other providers via secure channels.
Some services may involve you sharing your online banking login details and giving your consent to the provider whose services you’ve chosen to use.
You should make sure you are confident the organisation you share your information with, are who they say they are.
- A genuine bank or organisation will never contact you out of the blue to ask for your PIN, full password or to move money to another account. Don’t give out personal or financial details unless it is to use a service that you have signed up to, and you’re sure that the request for your information is directly related.
- If you share account data with a company or service, it’s their responsibility to protect it. You should make sure you understand how a company or service plans to use your data.
- If you don’t know who you are talking to, or there is reason to suspect that the provider is not who they claim to be, don’t disclose your banking security details, or other personal or financial information.
Fraudsters will often try to impersonate somebody we trust so it’s important to understand the difference between a legitimate request to share your account information for a service you’ve chosen to use and an unexpected request. You should always Take Five and think ‘My Money? My Info? I Don’t Think So’.
You can check whether a service you’re thinking of using is safe by asking the provider for more details and confirming that they are approved by the Financial Conduct Authority or another EU regulator.
If you don’t know who you are talking to, or there is reason to suspect that the provider is not who they claim to be, don’t disclose your banking security credentials, or other personal or financial information.
For more information on this, please visit our website for the UK Finance PSD2 Customer Factsheet
You can also find more information on the Financial Conduct Authority website.
About financial fraud
How big a problem is financial fraud?
According to Financial Fraud Action UK Ltd, in 2016, financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in the UK – a rise of 2% compared to 2015.
Why is fraud on the rise?
Recent rises in fraud are being driven by the increasing threat posed by impersonation and deception scams – alongside the growth in sophisticated online attacks such as data breaches and malware, showing the importance of protecting your personal information.
Am I at risk?
Banks work extremely hard to protect their customers, using highly sophisticated security systems which stopped £7 in every £10 of attempted fraud from occurring last year. Any increase in fraud is unwelcome but banks and card companies continually evolve their response to fraud as it develops. This includes investing in new detection and verification tools and working with law enforcement to stop the criminals.
By listening to our message and acting on our advice you can help yourself stay safe.
With fraudsters using impersonation scams and data breaches to commit their crimes, it’s vital that everyone is alert to the dangers. Always remember to be very cautious about giving your personal or financial information.
Do criminals just target individuals?
No, fraudsters also target businesses, and according to figures from Get Safe Online and Action Fraud, businesses reported they had lost over £1 billion to online crime from March 2015 – March 2016. The most common financial fraud scams against businesses occur when a fraudster emails employees pretending to be the CEO or senior member of staff (CEO spoofing) or when a fraudster contacts a business pretending to be a supplier (Invoice fraud).
What else is the financial sector doing to fight financial fraud?
The financial industry works hard to combat financial fraud by:
- Investing in new, innovative security tools, including even more sophisticated ways of authenticating customers, such as through customer behaviour analysis. Each financial institution will use the most appropriate range of fraud prevention and detection methods to suit their customers, whilst ensuring transactions continue to be fast and convenient. These systems already stop £7 in £10 of fraud from occurring.
- Working with Government and law enforcement as a key part of the Joint Fraud Taskforce, launched by the (former) Home Secretary in February. The taskforce uses the collective powers, systems and resources of government, law enforcement and industry crack down on financial fraud.
- Fully sponsoring a specialist police unit, the Dedicated Card and Payment Crime Unit, which targets the organised criminal gangs behind financial fraud.
How can I protect myself?
The key thing is to take time to think before you act if you’re asked for your personal or financial details, or to transfer money. There are also some other simple steps you can take to protect yourself from financial fraud, like having up-to-date software and only shopping on secure websites.
Remember too, if after all that, you still feel uncomfortable or unsure about what you’re being asked, never hesitate to contact your bank or financial service provider on a number you trust, such as the one listed on their website or on the back of your payment card.
Check out more tips on our Advice page.
Will I be held liable for fraud on my credit or debit cards, phone/online banking or cheques?
If you are a victim of fraud you may have legal protection meaning you will get your money back, unless you have acted fraudulently or with gross negligence – please contact your bank and other financial service provider for further information.
I think I’ve been a victim of financial fraud, what should I do?
If you think there has been fraud on your card or bank account – or if you suspect anyone has attempted to compromise your financial details – report it immediately to your bank or financial services provider and then contact Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk.
If you are in Scotland contact Police Scotland on 101.