Banks fighting fraud

Nationwide has just launched a 'call checker' tool - which will tell customers if they are on the phone to a genuine Nationwide employee or a scammer impersonating one.

If a customer receives a call from someone saying they are from Nationwide, they can now use the call checker located in their banking app to check if they are really from the building society. Customers will be able to open the app, click 'more' then 'call checker' and instantly see whether they are on a call with a Nationwide employee. The screen will display either 'you're on a call with 'Alex'' or 'you're not on a call with us'.

But they're not the only bank utilising this tool, other banks already have similar techniques to keep us safe and ensure that when we are speaking on the phone it is always with the bank itself and not an impersonation scam.

Barclays is a good example of this. If you receive a call claiming to be from Barclays, you can request a notification be sent directly to your phone on the Barclays app via "App ID".

Both banks Monzo and Starling employ "Call Status" warnings to verify that a call from your bank is genuine. If you bank with Monzo this will be visible in your security settings and Starling customers can view this within the payment screen.

Revolut has used a similar tactic with its new "we are not talking to you feature" which, whilst on the app, will flag whether or not you are speaking to a Revolut agent.

Most banks now use powerful artificial intelligence systems that watch transactions in real time. Every time money moves, the system checks things like where it's coming from, where it's going, how much it is, and whether it fits your normal spending behaviour. If something looks unusual, like a big payment from a new device or country, the bank can stop or flag it instantly.

Banks are also making sure the person using the account really is you. Instead of relying only on passwords, most now use multi-factor authentication, for example, combining a password with a fingerprint, facial recognition, or a code sent to your phone. Beware of these 'one-time passcodes' - be absolutely certain you're on the phone to the bank before you hand over the code.

Another big shift is collaboration. In the UK, banks, tech companies and telecoms firms now share live fraud data with each other, things like suspicious websites or transaction patterns, so scams can be blocked faster across the whole financial system. This is important because fraud is now a huge issue, making up a large share of crime and costing billions each year.

Then there are the customer-facing tools people are starting to recognise, things like real-time spending alerts, freezing your card instantly in an app, or using virtual card numbers for online shopping.

A few examples of things that banks are specifically doing include Monzo , which has an optional feature that lets you nominate a friend or family member who must give the OK for large transfers before the money leaves your account.

Being the first in the industry to do so, Monzo has also added an "undo payment feature" meaning that up to 60 seconds after a transaction is made, it can be recalled without the payee even being notified. This feature will automatically be set to 15 seconds on the Monzo app but can be updated to give customers up to a minute to finalise payments and give them that, all important, second thought about the legitimacy of any given payee.

Also, Santander's app now automatically blurs your sensitive information and blocks banking actions if it detects remote-access software (often used by impersonation scammers) running on your phone.

If you're not confident with technology, the easiest starting point is stick to the official bank app or website only. Download your banking app only from your phone's normal app store, or type your bank's website address directly instead of clicking links in emails or texts. Fake apps and fake websites are one of the main ways criminals steal details.

But if you are struggling with online banking and using these fraud prevention tools, speak to your bank, either go into an in-store branch or give them a call, most banks will be happy to provide advice or guidance for using their online tools.

A few banks have programs specifically for this, for example, Nationwide has partnered with Independent Age , offering an expanded helpline which gives support to scam victims.

Barclays is another example, they have a Digital Eagles program which offers virtual sessions designed to help people make sure their tech knowledge is up to date – and to help them stay safe online.

There are also charities that can help. Age UK offers a free advice line and IT training for the elderly to help keep them safe online.

Finally, there is the Telephone Preference Service, which offers a free opt-out service to prevent unsolicited calls on mobiles and landlines. If you are worried about an older relative being scammed, you can set up the opt-out service.

You can report fraud in England, Wales and Northern Ireland immediately to Report Fraud at www.reportfraud.police.uk, external or by calling 0300 123 2040 (Mon-Fri 8am-8pm). For urgent, ongoing fraud, contact the police directly via the non-emergency number 101 or 999 if it is an emergency.

To report fraud in Scotland, call Police Scotland on 101 for non-emergencies or 999 in an emergency.