Many people in the United Kingdom lose money because they are persuaded by an external scammer to send a payment from their own bank account. The scammer may pose as an investment adviser, online seller, recruiter, romantic partner, supplier or cryptocurrency trader rather than pretending to be the bank itself.
The bank or payment provider still matters because the money usually leaves through a bank transfer, card payment or transfer to a cryptocurrency exchange. Every year, thousands of bank customers lose money to fraud, and the schemes are becoming more sophisticated. The experience is deeply stressful, but in many cases it is possible to recover your money.
The rules around fraud recovery have shifted significantly in favour of consumers, and banks and payment service providers have clear obligations when it comes to reimbursing victims. Whether your account is with Halifax, Lloyds, Nationwide, Monzo, Revolut, Barclays, HSBC, Wise or another provider, the key issue is often what happened when the payment was made and how the provider responded after the fraud was reported.
This article outlines the process, the deadlines you need to know about, and what to do if your bank or payment provider pushes back on your claim.
TLDR Summary:
- If you were tricked into sending money to a scammer, you may still be able to recover your money from your bank or payment provider.
- Eligible APP scam payments made via Faster Payments from 7 October 2024 may fall under the mandatory reimbursement rules.
- In-scope sending providers are generally required to reimburse eligible consumers within five business days, unless an exclusion or exception applies.
- Report the fraud immediately, stop contact with the scammer, secure your account and device, and keep a clear timeline with supporting evidence.
- If your claim is refused, ask for written reasons and consider escalating to the Financial Ombudsman Service within six months of the final response letter.
Nic Roe, solicitor at WRS:
“The variety of scams now targeting consumers is striking. APP fraud remains the most prevalent, but crypto investment scams, task scams and phishing attacks impersonating banks are all becoming more sophisticated. Fraudsters are more patient, more convincing and more organised than ever.
One point that is not widely enough understood is the limitation of the PSR’s mandatory reimbursement regime. The rules introduced in October 2024 apply only to Faster Payments between UK accounts. They do not cover payments sent internationally or routed to cryptocurrency exchanges – which is precisely where the majority of scam payments end up. Many victims assume they are protected when the regime may not apply to their case at all.
For anyone who suspects they have been scammed, evidence preservation is critical. Save every message, screenshot, call log and payment record immediately, build a clear timeline from first contact to last payment, and report the fraud to your bank and Action Fraud without delay. The strength of a recovery claim almost always turns on the quality of that contemporaneous record.”
Fraud Types Covered
Fraud comes in many forms, and the type of fraud you have experienced can affect how your claim is handled. Below are some of the most common fraud types affecting customers.
Authorised Push Payment Fraud
Authorised push payment fraud (commonly known as APP fraud) is one of the most prevalent types of bank fraud in the UK. It occurs when someone tricks you into sending money to an account controlled by a scammer. Examples include fake invoices, “safe account” scams, and impersonation of trusted organisations.
Because the victim initiates the payment, many people assume they have no recourse. That is not always the case. The rules have changed, and your bank or payment service provider may now have a duty to reimburse eligible APP fraud victims.
Phishing via Banks Emails and SMS
Phishing scams can catch out even cautious people.
You may receive a text or email that looks like it has come from your bank. It may ask you to click a link, confirm your details, or verify a transaction.
The link usually leads to a fake website. Once you enter your details, fraudsters may have the information they need to access your account or target you further.
Banks will never ask for your full password, PIN, or full security details by email or text.
Crypto Investment Scams
Crypto investment scams are among the most common scam types reported to specialist firms. Victims may see an advert on social media for an investment opportunity, sometimes falsely using the names or images of well-known people to appear credible.
The victim is then assigned an “account manager” who talks them through the process. They may be shown a fake trading platform where their investment appears to be growing. In some cases, the victim is allowed to withdraw a small amount at first to build trust and encourage further deposits.
When the victim later tries to withdraw a larger amount, they may be told to pay additional fees, taxes or verification costs. These demands continue, but the victim never receives the supposed profits.
A bank or payment provider may be used to send money to cryptocurrency exchanges, wallets or accounts linked to the scam. Once cryptocurrency has been moved, recovery can become significantly harder.
Before investing, always check the FCA register and verify that the firm is authorised. Be cautious of anyone promising guaranteed returns or asking you to act quickly.
Messaging App Scams
Messaging app scams often begin on WhatsApp, Telegram, Instagram, LinkedIn or other social platforms. Fraudsters may pretend to be recruiters, financial advisers, friends, family members, or bank representatives. Task scams are a common example. A victim may be offered remote work and told they will earn commission for completing tasks.
At first, the victim may be able to withdraw a small amount. Later, they may be asked to pay into the platform to unlock higher-value tasks or increased commission. The victim continues to pay, but is eventually unable to withdraw their funds. Messaging app scams may also involve impersonation. A fraudster may pretend to be someone the victim trusts and ask for an urgent transfer through your bank.
A common warning sign is being moved away from an official platform and pressured to continue the conversation privately. Never pay money to secure a job, unlock commission, or verify an account. Be cautious of anyone who asks you to send funds urgently.
How Banks Usually Protect Customers
Banks and payment service providers generally process payments according to customer instructions, but they may be expected to do more where a payment is unusual in size, pattern or destination, or where the customer appears to be at risk of a known scam type.
Typical protections may include:
- Scam warnings and in-app prompts
- Payment delays
- Questions about the payment purpose
- Branch or telephone conversations
- Account freezes
- Attempts to recall funds once fraud is reported
The level of intervention can differ by provider. Traditional banks such as Halifax, Lloyds, Nationwide and HSBC may involve branch or telephone fraud-team checks, while app-based providers such as Monzo, Revolut and Wise may rely more heavily on in-app questions, payment delays, card controls and chat support. Scammers will often therefore encourage users to transfer funds through digital banks, as payments are likely to go through with fewer questions.
Where a digital process uses broad warnings or generic questionnaires, the issue may be whether the warning was sufficiently tailored to the actual scam risk. This can be relevant in APP fraud recovery cases involving any sending bank or payment service provider.
Fraud Recovery Process
The Fraud Recovery Process
Once you realise something is wrong, speed matters. The sooner you act, the better the chance of limiting further loss and increasing the possibility of recovery.
Immediate steps:
- Report the transaction to your bank or payment provider as soon as possible, explaining that the payment relates to fraud.
- Freeze any affected cards and change your security details.
- Stop all communication with the scammer immediately.
- If you believe the fraudster may have access to your device, stop using that device for banking until it has been checked.
- Document everything that happened and preserve all evidence (see the Evidence section below).
A Wealth Recovery Solicitors manager says:
“Bank fraud claims often turn on the quality of the evidence and how clearly the timeline is presented. Acting quickly and keeping a full record of messages, calls and transactions can make a meaningful difference when challenging a bank’s decision.”
To begin your claim, Wealth Recovery Solicitors can guide you through the process. You can start your claim here.
APP Fraud Reimbursement Rules
The Payment Systems Regulator (PSR) introduced a mandatory reimbursement regime for eligible authorised push payment scam victims, which applies to APP scam payments made via Faster Payments from 7 October 2024.
Under this regime, in-scope sending payment service providers are generally required to reimburse eligible consumers promptly. Reimbursement is generally due within five business days of a claim being made, although the assessment period can be extended in more complex cases where further investigation is needed.
Previously, banks could argue that because you authorised the payment, they bore no liability. The mandatory reimbursement rules were designed to reduce that outcome for eligible victims.
Evidence Needed for your Claims
Good evidence can make your claim stronger.
Save everything connected to the scam, including emails, text messages, WhatsApp messages, social media messages, websites, call logs and payment instructions.
You should also keep Halifax statements showing the fraudulent payments. Make sure the dates, amounts, recipient details and payment references are visible.
Useful evidence may include:
- Screenshots of messages from the scammer.
- Emails or fake bank communications.
- Website links or screenshots.
- Phone numbers used by the scammer.
- Notes from phone calls.
- Transaction records.
- Correspondence with your bank.
- Action Fraud reference numbers.
- Any evidence showing pressure, urgency, impersonation or deception.
Losing money to fraud is a horrible experience, but recovery may still be possible.
The key steps are simple: act quickly, keep everything, know your deadlines, and seek professional support if you need it.
Need Help Recovering Money After a Scam?
If you have fallen victim to a scam, you should contact your bank as soon as possible to see whether the payment can be frozen, reversed or refunded. If they cannot help, WRS may still be able to assist.
Our team can help assess your case and explain possible recovery routes. We can also help you understand whether there are grounds to challenge Revolut’s decision.
Contact us today to speak with scam recovery specialists or learn more about how we may help you recover money lost through Revolut fraud.
FAQ’s
Can I get my money back if I authorised the payment?
If you were tricked into sending money to a scammer, the payment may still fall within the authorised push payment reimbursement rules, provided the claim meets the eligibility criteria. Your bank or payment provider should assess what happened, what warnings were given, and whether any exception applies.
How quickly should I report a bank scam?
You should report the scam as soon as you realise something is wrong. Prompt reporting gives the bank or payment provider the best chance of freezing, reversing or recalling funds, and it helps show that you acted responsibly once the fraud became clear.
What should I do if my bank refuses to refund me?
Ask for the reasons in writing and check whether the bank has properly considered the scam type, the payment journey, any warnings given, and your circumstances. If you remain unhappy, you may have further rights with the Financial Ombudsman.
What evidence will help my scam refund claim?
Useful evidence includes messages with the scammer, screenshots of websites or apps, bank statements, payment references, call logs, emails, Action Fraud references, and any material showing pressure, urgency, impersonation or deception. A clear timeline of events can be particularly important.