Banco Santander is implementing a ban on bank transfers for payments related to Facebook Marketplace transactions unless customers have physically inspected the item.
This decision comes after Santander customers have lost nearly £6.5 million to Facebook Marketplace scams this year, marking a nearly 50% increase compared to the previous year.
When making a payment, customers will see a personalized scam warning that outlines the risks associated with shopping on this platform. Additionally, before authorizing a bank transfer, customers will be asked if they have seen the item in person. If the answer is no, the transfer will not be authorized, and customers will be advised to conduct further checks on the purchase. This includes inspecting the item in person and opting for more secure payment methods, such as PayPal or debit/credit cards.
Even if a customer has seen a photo or video of the item without viewing it in person, they will still be unable to proceed with the bank transfer.
However, if a customer confirms they have seen the item firsthand, the payment can go through, but they will still receive a warning that their money could be at risk. They will also be reminded that using payment platforms like PayPal may provide better protection, and that paying directly with a debit or credit card is another safe option.
Chris Ainsley, head of fraud risk management at Santander, stated, “Customers are losing more than ever to criminals who perpetrate these scams on Facebook Marketplace, and we expect this to increase as Christmas approaches. This latest measure enhances our existing protections and encourages our customers to think twice before transferring money to potential fraudsters.”