Scammers now thrive over the Christmas season, which is a time of giving and extravagant spending. False investment schemes, deceptive internet advertisements, and impersonation techniques have all been used to entice victims, with disastrous results for their well-being and financial situation.
Santander: Surge in Scams Over Christmas Week
The bank disclosed that 596 instances of Authorized Push Payment (APP) fraud were reported between December 25, 2023, and January 1, 2024, resulting in losses of £1,999,444.34 Ten frauds totaling £3,971 were recorded on Christmas Day alone, while Boxing Day witnessed an even greater rise with 25 scams totaling £45,788.01.
In one especially serious instance, a customer lost more than £600,000 to a bogus investment scheme—the largest loss Santander has received this year. Online platforms are being used by scammers to advertise “too good to be true” discounts on in-demand goods and pressure gullible customers into making snap selections.
Pete Staffel, a Behavioural Scientist at Santander, highlighted the dangers: “It’s that time of year when everyone is looking for that perfect gift, whether it’s the sold-out toy or ‘something a bit different’. Online adverts are the prime place for finding that dream present – I even found one the other day, a perfect family game, complete with a video showing how it all worked.”
How the Bank Is Tackling Fraud
Santander’s fraud team operates around the clock, providing support and advice to customers year-round, including the festive period. They report that scams often follow a familiar pattern: fraudsters use convincing adverts or pose as trusted organisations to persuade victims to part with their money.
Customers are advised by the bank to be wary of internet offers, especially those that demand instant payment. The likelihood of being a victim of fraud can be considerably decreased by taking easy steps like checking reviews, making sure payment methods are secure, and avoiding unwanted links.
Santander has started initiatives to inform the public about typical scam techniques, such as phishing emails and phony investment possibilities, in an effort to increase awareness. Additionally, customers are urged to report any suspicious behavior right once so that the bank can minimise losses and prevent transactions.
Staying Vigilant During the Holiday Season
With scammers showing no signs of slowing down, Santander emphasises the importance of caution during this high-risk period. Fraudulent schemes have become more sophisticated, targeting not just individuals but also businesses.
The bank’s key advice includes:
- Double-checking the legitimacy of sellers and online platforms.
- Avoiding urgency tactics used by fraudsters to pressure decisions.
- Contacting the bank immediately if fraud is suspected.
By staying informed and vigilant, customers can better protect themselves and enjoy a safer holiday season.
