Under a code of conduct introduced in May 2019, banks must present customers with ‘effective’ warnings about scams when they transfer money. Santander says it will start asking a series of questions to determine what scam customers are most at risk from, then show a tailored warning.
If the customer says they are transferring money for an investment, for example, they will be asked how they heard about it and whether it is in the UK. And if the bank is concerned, it may request further checks before the payment goes through.
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