Customers of this major bank are being warned about a costly scam

Various forms of scams are being constantly devised by dubious people on the internet who are looking to steal from unsuspecting victims. One of such scams is the advance fee scam which Nationwide, a mutual financial institution is warning its customers about, Daily Express reports.

Marketplace spoof

The bank last week took to Twitter to test customers’ knowledge on what makes an advert a scam. This, they did by tweeting an image of a fake online advert on Facebook Marketplace purporting to sell an iPhone 13 Pro phone for £350. However, the image in the ad was that of the phone box and not the phone itself. The spoof ad read:

Like new phone for sale! Price is cheap to sell fast Lots of interest so if you want to secure, a £35 deposit is required BEFORE pickup.

Nationwide then asked its customers if they could point out the signs that showed the ad was a scam. Many could tell the red flags that made the ad dodgy. Interacting with customers who replied to the tweet, the building society explained that deposit before pickup, no profile picture on an account, the relatively new account were all signs that the advert could be illegitimate.

Advance fee scam

In 2021, UK residents lost close to £23 million in advance fee scams which was a 34 percent increase from the year before, according to UK Finance. This type of scam has become disturbingly common over the last decade with several banks including Lloyd Bank issuing a warning to its customers about it early this year. Nationwide added:

These scammers target a range of services. They pretend you've won the lottery, they're processing a personal loan application, or they're trying to send you something you've ordered. Whatever it is, once they have your contact details, they try whatever they can to steal your money

Read more:

⋙ Facebook Marketplace warning: There's a new costly scam you should be aware of

⋙ You could soon be paying for exclusive features on Facebook, WhatsApp and Instagram

⋙ Scams on the rise amid cost-of-living crisis: Here’s what to look out for