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Recover Money Lost to a Scam or Fraud

In 2024 alone, over £1 billion was stolen from UK consumers through various scams, with many victims believing their money was lost forever. If you transferred funds from a UK bank account, a refund claim may be possible — even if your bank has already refused.

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important information about scam and fraud claims

Why Choose Compensation Adviser

Navigating the complex landscape of bank refund rules, such as the new Payment Systems Regulator (PSR) requirements and the Contingent Reimbursement Model (CRM) Code, can be overwhelming. Compensation Adviser provides expert guidance, carefully reviewing the circumstances of your fraud to build a robust case for reimbursement. We manage the entire claims process, dealing directly with banks and the Financial Ombudsman Service to fight for the return of your stolen funds.

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Understanding the UK Fraud Epidemic

Fraud is now the most commonly experienced crime in the UK. According to UK Finance, criminals stole over £1 billion through unauthorised and authorised fraud in 2024. Despite banks preventing significant amounts of attempted fraud, sophisticated criminal networks continue to exploit victims through complex deception.

Many victims blame themselves, but the reality is that modern scams are highly sophisticated operations designed to bypass standard security warnings and manipulate human psychology. Whether you were targeted by a fake investment opportunity, a romance scam, or a purchase fraud, you are not alone, and there are established legal and regulatory frameworks designed to protect you.

How Scammers Operate

While the specific details of scams vary, they often follow a similar methodology to separate victims from their money:

The Hook: Fraudsters make contact via social media, email, text message, or even phone calls, often impersonating trusted organisations like banks, the police, or well-known investment firms.
The Manipulation: They use high-pressure tactics, creating a false sense of urgency or promising unrealistic returns to force immediate action.
The Transfer: Victims are instructed to transfer money, often via Faster Payments, to a “safe account” or to purchase cryptocurrency. This is known as Authorised Push Payment (APP) fraud.
The Disappearance: Once the funds are transferred, the criminals rapidly move the money through a network of accounts to make it difficult to trace, before cutting off all communication.

Signs You May Have Been Targeted by a Scam

Fraudsters use sophisticated tactics to appear legitimate. If you recognise any of these warning signs in your recent financial transactions, you may have been the victim of a scam:

You were contacted out of the blue via social media, WhatsApp, or a cold call regarding an investment or a problem with your bank account.

You were pressured to act quickly, perhaps being told your money was at immediate risk or that a lucrative opportunity was about to expire.

You were asked to download remote access software (like AnyDesk or TeamViewer) onto your computer or phone.

You were instructed to lie to your bank about the true purpose of the transfer if they asked questions or displayed a warning.

You were asked to move money to a 'safe account' supposedly set up by the police, the FCA, or your bank.

You were promised guaranteed, risk-free returns on an investment that seemed too good to be true.

What to Do If You Have Lost Money to a Scam

1. Stop All Communication

Immediately cease all contact with the individuals or the platform involved. Do not send any more money, even if they claim it is a 'tax' or 'fee' required to release your funds.

2. Contact Your Bank Immediately

Call your bank using the number on the back of your card or 159. Inform them that you have been the victim of a scam and ask them to attempt to trace and freeze the transferred funds.

3. Secure Your Devices

If you granted remote access to your computer or phone, disconnect from the internet and uninstall the software. Run a full antivirus scan.

4. Report the Fraud

Report the incident to Action Fraud (the UK's national reporting centre for fraud and cybercrime) and obtain a crime reference number.

5. Gather Your Evidence

Collect all correspondence, emails, WhatsApp messages, bank statements, and transaction receipts related to the scam. This documentation is vital for any recovery claim.

6. Seek Professional Help

If your bank refuses to refund your money, contact Compensation Adviser. We can review your case and determine if the bank failed in its duty to protect you.

Can I Recover Money Lost to a Scam?

Yes, it is often possible to recover money lost to a scam, particularly if you paid via bank transfer (APP fraud) or credit card. The avenues for recovery depend on how the payment was made and when it occurred.

For bank transfers, the Contingent Reimbursement Model (CRM) Code and the new mandatory reimbursement rules introduced by the Payment Systems Regulator (PSR) in October 2024 provide significant protections for victims. These rules require payment service providers to reimburse victims of APP scams in most cases, unless the victim was found to be grossly negligent. If a bank unfairly rejects a claim, the Financial Ombudsman Service (FOS) can independently review the decision and order the bank to pay compensation.

Why Choose Compensation Adviser for Your Scam Claim?

Expert Knowledge of Banking Regulations: We understand the intricacies of the CRM Code, the new PSR rules, and the specific duties banks have to protect their customers from fraud.
Experience with Complex Cases: We have successfully challenged banks that initially refused to refund victims, escalating cases to the Financial Ombudsman Service where necessary.
Comprehensive Case Management: We handle all communication and negotiation with your bank and the FOS, removing the stress and emotional burden from you.
No-Win, No-Fee Guarantee: We operate strictly on a no-win, no-fee basis, meaning you only pay us if we successfully recover your money.

Frequently Asked Questions

Can I get my money back if I authorised the payment?

Yes. This is known as Authorised Push Payment (APP) fraud. Even though you authorised the transfer, you were deceived into doing so. New regulations and voluntary codes require banks to reimburse victims of APP fraud in the majority of cases, provided they did not act with gross negligence.

My bank already refused my refund request. Is it too late?

No. Banks frequently reject initial refund requests, often unfairly claiming the customer was at fault. We can review your bank’s decision and, if we believe they failed in their duty of care or did not apply the relevant regulations correctly, we can challenge their decision and escalate the complaint to the Financial Ombudsman Service.

What if I paid using a credit card?

If you paid by credit card, you may be protected under Section 75 of the Consumer Credit Act. This law makes the credit card provider jointly liable with the retailer or supplier if there is a breach of contract or misrepresentation, meaning you could claim a refund directly from your credit card company for purchases between £100 and £30,000.

How long does a scam recovery claim take?

The timeline varies depending on the complexity of the case and whether the bank agrees to settle the claim initially or if it needs to be escalated to the Financial Ombudsman Service. A direct bank settlement can take a few weeks to a couple of months, while an FOS investigation can take significantly longer.

Are there any time limits for making a claim?

Yes. You should report the fraud to your bank as soon as possible, ideally within 13 months of the fraudulent payment. If you are escalating a complaint to the Financial Ombudsman Service, you generally have six months from the date of the bank’s final response letter to do so.

What are your fees?

We operate on a no-win, no-fee basis. If your claim is successful, we charge a fee of 15% + VAT of the total compensation awarded. If we do not recover any money for you, there is no fee to pay.

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Important Information

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the bank, business or person against whom you wish to complain or to the Financial Ombudsman Service or the Financial Services Compensation Scheme, whichever is applicable to your claim.