Romance scams are on the rise, with Santander reporting a staggering £3.8 million loss to fraudsters in the last six months. This represents a 27% increase compared to the previous period, with the average victim losing a significant £4,500. The bank warns that scammers target people of all ages, with victims ranging from 18 to 93 years old. This alarming trend highlights the importance of being vigilant and taking precautions to protect yourself from online scams.
Banks have recently stopped offering cash incentives for switching current accounts, leaving consumers disappointed and potentially delaying their switches. According to Moneyfactscompare.co.uk, several major banks, including First Direct, HSBC, NatWest, Lloyds Bank, and Santander, have ended cash offers that previously reached as high as £200. While the lack of cash incentives may deter some switchers, experts emphasize the importance of comparing deals to find a better account that meets individual needs. Some banks continue to offer alternative perks, such as Santander’s railcard offer for young adults. Consumers are advised to consider their circumstances and explore cashback or interest-earning accounts when comparing current accounts.
