Banco Santander issues in-app fraud warnings for mobile transactions

Banco Santander issues in-app fraud warnings for mobile transactions

Banco Santander in the UK is to push tailored fraud warnings to customers appended to suspicious transactions initiated through its mobile banking app.

When making a payment or setting up a standing order via their mobile banking app, customers will now be asked to specify the reason for the transaction. The options include buying goods online; property or large purchase; request by phone and; friends or family.

Users will then be provided with a tailored fraud warning explaining how criminals might be manipulating them into transferring money, eg “If you’ve been told your account’s at risk and to move your money, this is a scam.”

If the customer feels uncomfortable with the payment after reading the warning, they can chose to cancel and click on an icon to speak to a Santander staffer. They will also be given the option to delay a payment from their account, allowing them time to change their mind.

Chris Ainsley, head of fraud strategy at Santander says: “The new features will mean that the three million customers who use our mobile app will have the information at their fingertips to help stop the scammers, as well as giving them an easy way to cancel and contact us directly if they feel uncomfortable with a payment.”

The bank introduced a similar set of options for users of its Internet banking service last year, in response to rising levels of authorised push payment fraud.

In a further move, Santander has added fingerprint and facial recognition as an added layer of security for transactions requiring authentication through 3D-Secure over the mobile.
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