Beware of fake bank website - Banking - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Beware of fake bank website

Beware of fake bank website

Category: Banking

Updated: 20/08/2013
First Published: 19/08/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Financial Conduct Authority (FCA) has issued a warning about a fake website very similar to that of Shawbrook Bank.

Trading under the name of Shawz Online Brook, the website looks almost identical to that of Shawbrook Bank, with the same layout, familiar logo and identical customer recommendations

But the FCA has warned that the copy-cat bank is not authorised to carry out any regulated financial activity within the UK.

This means that anyone taking out a product with Shawz Online Brook would not be protected under the Financial Services Compensation Scheme, whereby the first £85,000 saved in a UK bank or building society is covered in the event of the organisation going bust.

They would also not be able to take any complaints they had with the bank to the Financial Ombudsman Service.

"Shawbrook Bank Limited would like to inform the public that the organisation discussed above identifying itself as Shawz Online Brook has no association whatsoever with Shawbrook Bank Limited," the FCA stated on its website.

Meanwhile, Shawbrook Bank's CEO, Ian Henderson, told that: "Shawbrook immediately alerted the FCA and is taking steps to mitigate the risks to potential customers that are being targeted by these websites. Shawbrook takes the issue of security very seriously."

What Next?

Find out which bank owns who

Looking for a bank account? Use our new banking search

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.