The building society issued a mesage ahead of the festive shopping trips
Nationwide is the world’s largest building society and has over 16 million members(Image: Peter Dazeley/Getty Images)
Nationwide has issued an alert to its customers in the run-up to Christmas. With December 25 now just a fortnight away, the world’s largest building society, which serves over 16 million members, has called on people to remain vigilant.
The financial institution anticipates that more than 20 million transactions will be processed as shoppers scramble to complete their festive purchases. Specifically, Nationwide is forecasting 20.6 million transactions across Friday, December 12 and Saturday, December 13 – representing a 6.39% increase compared to the equivalent dates in December 2024.
A peak of 10.7 million transactions is expected on December 20, as consumers rush to wrap up any last-minute purchases. However, the banking society has cautioned that people could face the risk of overpaying significantly, as well as falling victim to scams.
Have you finished your Christmas shopping yet?(Image: Getty)
Commenting on the data, Mark Nalder, Service, Operations and Performance Director at Nationwide said: “Despite continued lower consumer confidence as we head towards Christmas, it’s encouraging to see that we’re expecting higher volumes of spending on Christmas shopping than the previous year. These peak periods will be incredibly busy days for retailers as consumers race to finish their shopping.”
He added: “It’s also more important than ever to pause and think before making a purchase to ensure that you’re paying the best price and to be on the lookout for potential scams, whether that is in-person, online shopping, or on social media. Platforms like Snapchat and Telegram showed the largest year-on-year increase in reported social media scams according to our data so it’s important that shoppers remain vigilant for any deals that seem too good to be true.”
READ MORE: Hotel hack saved me more than £6K in just one year at university’READ MORE: Cyclist suing Lime bike after breaking leg in crash to avoid pedestrians
Nationwide’s top tips for avoiding scams
The banking society has said that if people are rushing you to make a decision and you feel a sense of “urgency” to take a step back as “scammers often pressure you to act fast.” It also urges people to “use secure payment methods” and if you can, to “avoid bank transfers unless you’re 100% sure.”
If you feel rushed, stop(Image: Getty)
It further added that you should always “report suspicious activity to your bank/building society and Action Fraud immediately. Ideally, check with your building society or bank before making any payment.
“For example, Nationwide has a 24/7 fraud line, while its Scam Checker service means that if you ask for a payment to be checked beforehand and Nationwide gives the greenlight and you go onto to be scammed, you’ll get a full refund.”
Nationwide – could you get an extra £175 cash?
Nationwide has announced it will pay £175 cash incentives to all eligible customers who complete certain requirements. It confirmed that anyone moving to its FlexPlus, FlexDirect or FlexAccount from a non-Nationwide account could qualify for the reward. You can read the full article and see if you’re eligible here.
