Why Martin Lewis is Speaking Out
Money‑saving pundit Martin Lewis rarely sounds the alarm without a solid reason. Over the past few weeks he’s been fielding calls from people who discovered unexpected deductions or delayed transfers after sending money to accounts listed under Nationwide and First Direct. In his characteristic no‑nonsense style, Lewis says the problem isn’t the banks themselves but a wave of organised fraudsters exploiting the way many customers set up payments.
Lewis points out that both banks have high‑profile brand reputations, which can make scammers feel safe using their names to trick unwary users. The typical scenario involves a seemingly legitimate email or text asking the recipient to confirm or update payment details. A tiny typo or an unfamiliar account number can redirect a regular salary or utility bill straight into a fraudster’s pocket.
What the Risks Look Like and How to Dodge Them
- Hidden fees and unexpected holds: Some users reported that once money lands in an incorrectly entered account, the bank may freeze the funds while it investigates, leaving the payer stuck with unpaid bills.
- Phishing attacks masquerading as bank communications: Emails that mimic Nationwide or First Direct branding often contain links to fake login pages, capturing credentials in seconds.
- Automated scams targeting direct debits: Scammers intercept the scheduling of regular payments, swapping the recipient’s details for their own.
Lewis’s advice is straightforward. Always double‑check the account name, sort code, and account number before hitting ‘send’. Use the banks’ official apps or websites for any changes rather than following email links. When in doubt, call the bank’s customer service line directly—don’t rely on numbers provided in a message.
He also suggests diversifying where you keep your money. While savings accounts remain a safe haven for short‑term cash, spreading funds across a mix of high‑interest savings, ISAs, or even low‑risk investment products can reduce the impact if one account gets compromised. Many of Lewis’s followers appreciate his reminder that “putting all your eggs in one basket” is a recipe for trouble, especially in today’s digital‑first banking world.
For those who already suspect a payment went awry, Lewis recommends acting fast: flag the transaction with the bank, request a fraud investigation, and, if possible, inform the intended recipient so they can watch for suspicious activity on their end.
