Fraud is an increasing problem in the UK made worse by the closure of thousands of bank branches. Banks are now required to pay compensation up to £85,000 within five days when criminals defraud their customers.

But as banks try to reduce their potential compensation bills it is becoming more difficult to make bank transfers and open new accounts, especially if your bank has closed the local branch.

It may be worth opening a second bank account that gives you local access to your money and the help of banking staff.

Mobile phones, internet businesses, social media and the way we shop online make it easier for criminals, and the banks on the hook for our fraudulent losses are upping their game in providing information about what to watch out for.

Essentially we should trust no one especially if they call on your land line, sound friendly and say they are from your bank; and never allow yourself to be rushed to make a payment.

My bank has twice got in the way of transactions I wanted to make. It was annoying at the time but if the deals had been dodgy they would have saved me from being defrauded before compensation became compulsory.

We need to make sure we understand the rules that our banks impose on interbank transactions before we have to make a transfer. If possible visit a bank branch.

If you are making a payment to a new payee then send a small amount as a test transfer. Read the small print when buying online.

It is also important to tell actionfraud.police.uk if your are defrauded. It may help them to warn others of a new danger.

Most importantly taking time may save you from repenting at leisure.

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