Stephen Senior, Head of Financial Crime Prevention at Leeds Building Society
For many savers who are starting out, committing to putting money aside regularly isn’t easy. Whether that’s building a rainy-day fund, saving for a first home, or planning for future goals, protecting every pound matters. That’s why it’s so important to make sure your savings stay safe from scammers.
Unfortunately, financial crime is becoming increasingly sophisticated. Fraudsters use fake texts, convincing emails, social media adverts, and even phone calls to trick people into handing over money or personal information.
And it’s something many people worry about. In a recent Leeds Building Society survey, 86% of members said they were concerned about being targeted by scammers. The good news is that there are some simple steps you can take to stay one step ahead.
- STOP: Pause before you pay
Scammers often create a sense of urgency. They might tell you your account has been compromised, that you’ve won a prize, or that an investment opportunity is about to disappear.
If someone is asking you to move money, share security details, or act immediately, stop and take a moment. A genuine bank or building society will never pressure you into making a rushed decision.
If you’re unsure, contact the organisation directly using a phone number or website you trust, not the contact details provided in the message you’ve received.
- CHALLENGE: Do your research
Many scams start on social media. Fraudsters know people are looking for ways to grow their money and can make fake investment opportunities look convincing.
Remember: if an offer promises unusually high returns with little or no risk, it’s probably not what it seems.
Before transferring money or sharing personal details, do your research and seek advice from a trusted source. A few minutes of checking could save you a significant financial loss.
- PROTECT: Knowledge is one of your best defences
Scams are constantly evolving, so keeping up to date with the latest tactics can make a real difference. That’s why Leeds Building Society offers free Fraud Clinics in branches across the country. Since launching last year, we’ve delivered thousands of one-to-one sessions, helping people build confidence and learn how to spot the warning signs of fraud.
The sessions are open to everyone and provide practical, jargon-free guidance on the most common scams affecting savers today.
Find out more about Leeds Building Society’s Fraud Clinics and book an appointment at your local branch.
