An alarming reality that many of us might not be aware of is the staggering £1.3bn stolen by fraudsters across all fraud types in the UK in 2021. This distressing statistic comes straight from UK Finance, the trade association representing the UK banking and financial services sector.
• The Deception Tactics: Crafty criminals are finding ways to bypass even the most advanced bank security systems. They deploy social engineering scams, duping innocent individuals to make payments or handing over their bank details unknowingly. This method leads to hundreds of millions of pounds in authorised payments being channeled directly into the pockets of scammers annually.
• The Impact: The financial hit is severe, but the emotional toll can be even more devastating. Many victims of scams not only lose their hard-earned money but also grapple with feelings of embarrassment, shame and, subsequently, anxiety and depression.
• Bank Obligations and Shortcomings: Banks do have a duty to identify suspicious transactions and step in to assist vulnerable customers. This responsibility extends to making reasonable efforts to recover funds when a payment has been authorised according to their systems. Yet, it seems that they’re falling short, rejecting 1 in every 2 reimbursement claims.
What Can Be Done If You’ve Been Scammed?
If your bank has turned down your request for a refund of stolen funds, all hope is not lost. You may still have a valid claim for compensation.
• We’re Here to Help: We can guide you through the process of recovery, navigating the labyrinth of banking systems and other financial organisations.
• Who We Can Assist: Regardless of whether the payment was authorised by you, you believe you were at fault, you haven’t yet recovered your money, only part of the lost funds has been returned, or you transferred the money to what you believed was a safe place (e.g., a friend’s account), we’re here to support you.
• Types of Frauds We Specialise In: We’re well-versed in dealing with a range of scams, including authorised push payment fraud (APP) or Bank Transfer Scams, Pension and Investment Scams, Crypto and Binary Options Scams, and Romance/Online Dating Scams.
Remember, no matter how isolated or embarrassed you may feel, you’re not alone in this. Together, we can help you reclaim your money and regain your peace of mind.