CONNECT WITH US
Fintech

Fintech

NatWest and Mastercard Warn Students Face £20m Fraud Loss This Year

The Fintech Times logo

Published on

Add as a preferred source on Google
NatWest and Mastercard Warn Students Face £20m Fraud Loss This Year

The research, conducted by Censuswide across 1,000 university students and 1,000 representative UK adults, found that 69% of students had encountered a scam, compared with 36% of those not in higher education. Of those students who had been targeted, 78% said it occurred within their first three months on campus, a period when many are managing money independently for the first time.

Fake job adverts and money-making schemes topped the list of threats, cited by 37% of respondents, followed by purchase scams at 36% and banking and crypto-related scams at 32%. Student finance impersonation and accommodation fraud each affected 21%. A separate NatWest survey of more than 5,000 undergraduates found that just 27% feel confident they could identify a financial scam if they encountered one.

To coincide with the start of the academic year, NatWest, Mastercard and the Home Office have launched a joint public awareness campaign under the existing government “Stop! Think Fraud” framework. The campaign includes a series of printed posters, designed by UK artists Luke Insect, Gavin Connell and Samuel Tomson, distributed free of charge to universities and student unions. The posters are available digitally via Mastercard’s website and in physical form on request.

Fraud Minister Lord Hanson said: “Fraudsters continue to prey on freshers, using bogus job adverts, fake flats and scam investments to steal their money. We’re joining forces with NatWest and Mastercard to expose the scammers and protect students.”

NatWest also disclosed that it recently added a Fraud Triage Agent to Cora , its existing AI-powered digital assistant.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.