Ways and Tips To Prevent Mistakes and Fraud At Large!

Financial institutions play a very critical role in our ecosystem. Everything related to real money, virtual money, bonds, and certificate, stamp papers everything is dealt with utmost precision and accuracy so that there is no mistake made and everything stays in place.

It is very rarely heard that any mishap has occurred in monitoring and managing the banks details, functioning and transfer of money and everything else associated with financial institutions and public. In most cases, it is that one mistake made by an individual that can land you in a big problem which can also result in big monetary losses as well.

Facts state that around 70% of financial fraud was prevented in the UK in 2015 yet 755 million Euros was still lost in financial fraud. With this situation, the financial institutions tried to find out a way out so that money losses can be reduced.

Ways and Tips To Prevent Mistakes and Fraud At Large!

It is researched that every 1 in 4 victims already knew that they had made a mistake. In order to prevent mistakes that people usually commit, a campaign with the name “Take Five” have been started and it is led by Financial Fraud Action UK on behalf of retail banks, card issuers and acquirers.

It is basically asking people of the nation to stop, think and take below mentioned five rules. The rules are as follows:

  1. Never share security details: Always keep your security details confidential. Do not ever share your security details with any person.
  2. Don’t assume everyone is genuine: This is very important to remember as most of the time, people you consider genuine only push you towards fraud and may also cheat on you. So, it is better to be aware of such people. Not sharing important information is always advisable.
  3. Don’t feel pressured: Whenever someone tells you to take action or ask for the details so that they can fix your problems, then there is no need to feel pressurised. Be patient and contact your service provider before you go ahead with sharing details to any unknown person.
  4. Listen to your instincts: Though, there is no written proof that it is always correct, but instinct is always correct. So, it is better to always understand and listen to your instinct and it can really save you from big frauds.
  5. Stay in control: Whenever you are told something serious related to your banks accounts or money related there is no need to panic, else keep calm. Listen to the person but before taking any action, it is advisable to contact your service provider and then take any required action.

With these simple steps you can prevent and stop fraud on an individual basis that will only reduce the amount of money lost in frauds.

Another way in which you can easily prevent the mistakes and save your money from being lost is to use secure way of payment. All you need to do is to download the app, scan your credit and debit card and you will be ready to make the payments. There are several other safety tips that you can implement and prevent frauds.

There are many financial institutions who are taking steps in finding out various ways in which frauds can be controlled and be reduced. For more details you can contact staff at Santander contact number.

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