Fraud Awareness (UK)
This fraud awareness page is dedicated to the UK market, offering timely alerts on the latest scams targeting individuals and businesses, as well as key information about UK law enforcement efforts and contacts.
Fraud Prevention and Cybersecurity
The financial sector faces a vast array of crimes targeting the extraction of personal, confidential data for financial gain. We take our duty to safeguard your money and personal information seriously. As a result, we have put security measures in place to combat fraud and cybercrime. Our e-banking platform is equipped with industry-standard security technology and practices to ensure the protection of our clients.
At Union Bancaire Privée (UK) Limited, we support the industry fraud awareness campaign Take Five. It provides clear and unbiased guidance to assist individuals across the UK in safeguarding themselves against financial fraud.
Your Vigilance is Key
However, fraud continues to be a significant threat and scams are constantly evolving. It is important to be vigilant and act promptly if you suspect that you have fallen victim to fraud. As individuals there are also some simple steps and guidance that we can all easily follow to improve our personal security online.
If you suspect fraud, have any concerns about the credentials of an individual who has contacted you, or the authenticity of an investment opportunity, please speak to your private banker at any time. If you are not a Union Bancaire Privée (UK) Limited client, please contact your local law enforcement agency. In the UK, you can report any fraud to Action Fraud on 0300 123 2040 or online at: https://www.actionfraud.police.uk/.
New Rules for Authorised Push Payment Scam
On the 7 October 2024, new rules for the victims of APP scams came into force for UK clients.
APP scams are the most common type of financial scam in the UK. It works simply by tricking individuals and businesses into transferring money to a fraudster posing as a genuine payee. APP scams are often very convincing and it is easy to get caught out.
- All personal clients.
- Microenterprises (i.e. businesses with an annual turnover and/or balance sheet total not exceeding EUR 2 million or the sterling equivalent, and which employ fewer than 10 people).
- Charities with an annual income of less than GBP 1 million.
As of the 7 October 2024, you are protected by new rules from the Payment Services Regulator, ensuring that financial institutions reimburse clients who fall victim to APP scams.
This covers:
- Payments made using Faster Payments or CHAPS in the UK
- Claims up to a maximum of GBP 85,000
We aim to reach a decision on your claim within 5 business days however, in some cases, additional time may be required, and a decision, along with any reimbursement due, may take up to 35 business days. If you believe you have been a victim of an APP scam up to and including the 6 October, we will continue to investigate these on a case-by-case basis.
- Payments not made via Faster Payments or CHAPS in the UK
- Disputes with the recipient or company being paid. For instance, dissatisfaction with a product or service received after paying a retailer or business
- APP scams not reported within 13 months of the final payment date
- Payments made to another account under your control
- International payments
- Unlawful payments, such as those for illegal items
- Fraudulent actions on your part, including lying or misrepresenting your circumstances for financial gain
- Failure, through gross negligence, to adhere to one or more measures in the Consumer Standard of Caution outlined below
The Consumer Standard of Caution: Under the new rules, certain steps are expected to be taken by you before and after making a payment.
You must:
- Follow any specific warnings given by us, the police, or other law enforcement agency indicating that you are at risk of being the victim of a scam
- Promptly inform us if you believe you have been a victim of a scam
- Provide any information reasonably requested to help with your claim
- Report the scam to the police or allow us to report it on your behalf
Common types of fraud related to Union Bancaire Privée (UK) Limited UK
Please note, if you believe you have been the victim of these or any other type of scam, please contact your private banker immediately. If you are not a Union Bancaire Privée (UK) Limited client, report the incident to your local law enforcement agency. In the UK, you can report the fraud to Action Fraud on 0300 123 2040 or online at https://www.actionfraud.police.uk/.
Cash Machine/ATM Fraud
Criminals use a variety of methods to target cash machines, including card skimming, when they fit a small device in the slot of the ATM or use a concealed device to capture your PIN. They may also use a technique called card trapping; this is when a device is fitted to the card slot to stop your card being returned to you.
Entrapment devices: Inserted into the card slot in a cash machine, these devices prevent the card from being returned to the cardholder. To capture the PIN, the criminal will use a small camera attached to the machine and directed at the PIN pad, or they will watch it being entered by the cardholder. Once the customer leaves the machine, the criminal removes the device and the card and uses it to withdraw cash.
Skimming devices: These devices are attached to the cash machine to record the details from the magnetic strip of a card, while a miniature camera captures the PIN being entered. A fake magnetic stripe card is then produced and used with the genuine PIN to withdraw cash at machines overseas which have yet to be upgraded to chip and PIN.
Shoulder surfing: A technique used by criminals to obtain PINs by watching over the cardholder’s shoulder when they are using an ATM or card machine. The criminal then steals the card using distraction techniques or pickpocketing.