Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Building Societies Provide Key Safeguard Against Scams, BSA Research Finds
One in four customers of building society branches say staff have helped them avoid or resolve a scam, according to new research commissioned by the Building Societies Association (BSA). The findings highlight the important role of in-person banking services in protecting customers from scams and fraud.
The research reveals that 33% of customers report receiving fraud prevention guidance during branch visits. Additionally, 68% say their branch helps them feel their money is safe. The BSA notes that while older people remain more vulnerable to fraud, scam prevention support is available to all customer groups, including younger users, with around one-third of younger branch users also reporting scam prevention support in branch.
Branch teams are identified as providing an additional layer of protection through everyday conversations and trusted relationships. The BSA states that this 'human layer' can help identify risks that may not always be visible through digital systems, especially when customers encounter sophisticated scams designed to appear genuine.
The research also shows that 91% of customers say their branch is important to their financial wellbeing, 75% say it makes managing money easier, and 93% feel welcome and respected. Furthermore, 44% of respondents say their branch visit is the main reason they go to the high street, with regular visitors spending an average of £75 locally during each trip.
The BSA highlights the importance of support across different channels, including digital tools, telephone support, and face-to-face conversations, to help protect customers and prevent fraud. Access to support in branches remains an important part of keeping money safe, particularly for those less confident online or digitally excluded.
Source: Mortgage Strategy