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Can I get my money back from a bank transfer scam?

Have you been a victim of bank transfer scams, or Authorised Push Payment frauds as they are known within the industry? They have become more and more common and in 2020, UK Finance reported that £479 million was lost in the UK to these scams in that year alone. If you’ve lost money to a UK wire transfer scam, Claims Supermarket may be able to help get your money back from your bank.

What is a bank transfer scam?

So, what exactly is a bank transfer scam? It’s when you innocently send money from your own account straight into the hands of a scammer. They’re crafty, taking various forms, but the most common trickeries involve persuading you to transfer funds to dubious accounts.

Since 2021, there’s been a surge in scams where the scammers push you to transfer money into cryptocurrencies or pose as your bank’s fraud squad, urging you to move your funds to a ‘safe’ account.

But here’s the thing – if you’ve fallen for it, there’s hope. You might just be able to claw back what’s rightfully yours from your bank.

Getting Your Money Back

Now, you might be wondering, can I really get my money back from a bank transfer? Well, since May 2019, the Contingent Reimbursement Model Code has been in play. It’s a fancy term, but what it means is that there are protections in place for victims of these scams. This code ensures that if you’ve met the standards expected, you stand a chance of getting your money back.

Sounds straightforward, right? Not quite. The application of these rules can be inconsistent, and it often feels like a gamble. Your chances of a refund depend on who you bank with, how they interpret the rules, and how you present your case.

But fear not, even if your situation doesn’t fit the Code, or if it predates it, Claims Supermarket has your back. We’ll fight tooth and nail to make sure you’re not left out of pocket.

Scam & Fraud Claims

App Scams

When you send money believing it is being legitimately invested. This can include Crypto, property, Forex, stocks and shares etc.

Pensions

Crypto Scams

Crypto scams entail fraudulent schemes that result in financial losses through deceptive practices such as fake investments or phishing schemes.

Pensions

Romance Scams

Romance scams involve individuals being deceived by false romantic intentions, leading to financial exploitation and emotional distress.

Debit Cards

Let’s talk about debit cards first. Ever heard of a chargeback? It’s a process where you dispute a card transaction, aiming to get your money back. Perfect for those times when you’ve paid for something and it never materialised.

Credit Cards

And if you used a credit card for a purchase over £100, Section 75 of the Consumer Credit Act has got your back. Your credit card company is jointly responsible for any mishaps, so you can contact them directly to reclaim your cash.

Reclaiming Your Money - What Are The Options

But wait, what if you didn’t use a bank transfer? Can you still reclaim your money? Absolutely!

So, there you have it. If you’ve been caught by a scam, know that there are options out there. And if you need a helping hand, Claims Supermarket is regulated by the SRA (Solicitors Regulation Authority) and our team of claims specialists will support you through every step of the process.

Get Your Money Back

Contact us today by completing our online form and we will call you back for a personal consultation within 48 hours.
Alternatively, call us on 03300 167 333.

FAQ's

What do claims companies including ClaimsSupermarket do?

Claims Supermarket has an experienced team of claims management and financial services professionals. We aim to secure the compensation you are due by highlighting any errors, omissions or breaches in agreements and or legislation against the institution with whom you lost money. The rules and regulations can on occasion be confusing and we realise that making a claim may be a little daunting, that’s where our friendly and professional team can help. Not only will we manage you claim from submission to payout, we will also keep you informed each step of the way.

What is the cost to me for launching a claim?

Claims Supermarket offer a free initial review, if you decide you wish for us to take your claim forward our friendly team will explain the next steps. We work on a no win no fee basis and if you do not receive any compensation then there is no fee payable, it really is that simple.

What happens if I lose my no win no fee claim?

Whilst we hope this doesn’t happen as we seek to get the compensation you are entitled to, on occasion a claim will not be upheld or compensation awarded. We fully understand that this can be very stressful and this is why we work on a no win no fee basis and this means that you have no fees from us to be worried about.

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