Ring-Fencing is a new legislation affecting some of the UK’s largest banking groups. This new legislation may mean that for some customers and banks sort codes and account numbers may change. As a result, there is a concern that this could potentially open the door to fraudsters using the new legislation as an opportunity to target you in a number of ways.
For example, fraudsters could try to contact you through spoofed or hacked email accounts, pretending to be a legitimate person or business who you’ve already been communicating with, for i.e. a solicitor or builder.
To ensure you don’t become a victim of fraud:
- Never set up new or change existing payment details without first double checking the request is genuine.
- Always contact the person or company making the change, ideally face to face or by telephone (using there official contact details only).
- Treat all communications with caution. Don’t assume they are genuine if they claim to be from your bank. If you are unsure, it is best to check with your bank using the number on your card or bank statement.
- Do not give out your account or card details or make changes to payments unless you are certain who you are dealing with.
- Never disclose security details for example, your PIN for your bank or credit card or your online banking password. Banka or other genuine organisation will never ask you for these.
- Don’t be rushed or pressured into making a decision or acting quickly. A genuine bank or other organisation won’t mind waiting if you want time to think.