A practical guide to spotting scams, protecting your savings, and checking that any contact is genuinely from us.

Imagine this: The phone rings. The person on the other end knows your name. They say they’re from OakNorth’s security team, there’s been suspicious activity on your savings, and you need to act quickly to protect your money. They’re calm, polite and sound completely genuine.

How would you know if the call was real?

It’s an important question. Scammers have become increasingly convincing when impersonating banks. The good news is that you don’t need to be a security expert to protect yourself. One simple habit, combined with a quick checklist, can help you avoid most scams.

The habit scammers hate: hanging up

If a call, text or email about your money ever feels suspicious, the safest thing you can do is simple: stop, hang up, and contact us yourself.

Don’t use a phone number, email address or link provided in the message or by the caller. Instead, use the contact details on our website or those you’ve already saved or received from us. Genuine requests will still be there when you get back in touch. Scammers rely on keeping control of the conversation – contacting us independently takes that advantage away.

And if we ever contact you and you’re unsure, we encourage you to end the call, verify our contact details and call us back. A genuine member of our team will always support your decision to do this.

Is this really OakNorth? Your verification checklist

When you’re speaking to the genuine OakNorth team, there are some things we’ll never ask you to do.

What we’ll never do

  • Ask you to move your money to a “safe” or “new” account. We’ll never ask you to transfer your savings somewhere else. If someone does, it’s a scam.
  • Ask you to install software or share your screen. We’ll never ask you to download software or give us remote access to your device.
  • Ask for your full password. We may ask security questions to confirm your identity, but we’ll never ask you to tell us your full password.
  • Pressure you to act immediately. Genuine contact gives you time to think, ask questions and verify who you’re speaking to. Creating a sense of urgency is a common tactic used by scammers.

How to check it’s us

  • End the call or ignore the message. You can always do this. There is no genuine situation where hanging up to verify a call will put your money at risk.
  • Find our contact details yourself. Use the details on our website or those you’ve already received from us. Never rely on contact details provided in an unexpected call, email or message.
  • Call us back using the verified number. Our Business Desk team can confirm whether the contact was genuine and help you from there. You can reach them on 0330 380 1181 from 9am-5pm Monday to Friday, excluding bank holidays.
  • Still not sure? Check the Financial Services Register. OakNorth is authorised and regulated in the UK. OakNorth Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

The scams aimed at savers – and how to spot them

Most scams follow a handful of common patterns. Once you know what to look for, they’re much easier to recognise.

Impersonation and “safe account” scams

This is one of the most common scams. Someone contacts you pretending to be your bank, the police or another trusted organisation. They claim there’s fraud on your account or a payment that needs to be stopped, then ask you to move your money or give them access to your device.

The tell: a genuine bank will never ask you to move your money to another account or give someone remote access to your computer or phone.

Phishing emails and texts

These messages are designed to look like they’re from your bank or another well-known organisation. They often warn you about a problem and include a link asking you to verify or secure your account. The link takes you to a fake website designed to steal your login details.

The tell: always check the sender’s full email address, not just the display name. Rather than following a link, go directly to the official website or app.

Too-good-to-be-true rates and investments

If an offer promises returns that are significantly better than anything else on the market, be cautious, especially if you’re being encouraged to act quickly or move money to an unfamiliar organisation.
Be particularly wary of anyone urging you to withdraw money from an ISA or long-term savings account to invest it elsewhere. A genuine, regulated financial adviser will never pressure you to move your savings quickly, and will always give you time to consider your options and take independent advice.

The tell: genuine savings and investment providers are regulated. You can check whether a firm is authorised on the FCA’s Financial Services Register and search known scams using FCA ScamSmart.

Refund and overpayment scams

You’re told you’re owed a refund, or that you’ve received too much money and need to send some back. The aim is to persuade you to share sensitive information or transfer money under pressure.

The tell: unexpected refund requests that ask you to share account details or transfer money are almost always fraudulent. Contact the organisation directly using verified contact details.

Everyday habits that help keep your money safe

A few simple habits can make you much harder to target.

  • Never share a one-time passcode or security code with anyone who contacts you – even if they claim to be from your bank.
  • Check the website address before you log in. Make sure it’s the genuine website, not a lookalike.
  • Keep your phone, computer and apps up to date with the latest security updates.
  • Treat any unexpected contact about your money with caution, regardless of who it claims to be from.
  • If you’re being asked to move money urgently, speak to someone you trust before you act. Taking a moment to pause can make all the difference.

How OakNorth helps protect you – and what to do if you’re worried

OakNorth is a fully authorised and regulated UK bank. Your eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS), and we monitor accounts for signs of fraud as part of keeping your savings secure.

If you think you’ve been targeted by a scam, or you’ve shared information you shouldn’t have:

  • Contact us straight away using a verified phone number so we can help protect your account.
  • Report it to Action Fraud on 0300 123 2040 or at actionfraud.police.uk if you’re in England, Wales or Northern Ireland. If you’re in Scotland, contact Police Scotland on 101.
  • Forward suspicious text messages to 7726 (free) and suspicious emails to [email protected].

Staying safe doesn’t mean worrying about every unexpected call or message. It means knowing when to pause, verify and take control. If you’re ever unsure, contact us using a number you’ve verified yourself. We’ll always be happy to help.