Bank Transfer Frauds

What is a Bank Transfer Scam?

A bank transfer scam occurs when you send money from your account to an account controlled by a scammer. These scams can take various forms, but the most common involve convincing you to transfer funds.

Nature of the Transaction

For example, you transferred funds to another bank account, whether it was a personal or business account. This could have been done through mobile banking, in-person at a bank branch, or via methods such as direct debit or depositing a check into an external account.

If you’ve been tricked into transferring money to an unknown account, you may still have a chance to recover your funds through your bank.

RETRIEVE FUNDS

Can I Get My Money Back from a Bank Transfer?

For some victims, protections under the Contingent Reimbursement Model (CRM) Code may apply. Introduced in May 2019, this voluntary code focuses on Authorised Push Payment (APP) scams and offers safeguards for customers of participating banks. It requires signatory firms to reimburse victims of APP fraud, provided the customer has met the expected standards outlined in the code. Essentially, the code outlines how banks should prevent scam payments and when they should refund victims.

However, the CRM Code has faced criticism for its inconsistent application, with groups like Which? highlighting exclusions and varying interpretations by banks. Whether you receive a refund often depends on your bank’s policies, their interpretation of the code, and how they assess the details of your case. Before filing a claim, it’s crucial to review the code and present arguments relevant to your situation. Our team with help you with that by collecting information during the first conversation.

Starting 7th October 2024, the CRM Code will be replaced by Mandatory Reimbursement regulations. Unlike the CRM, this is not voluntary and applies to all UK payment providers. While similar to the CRM, it aims to offer stronger protections by requiring banks to take greater responsibility for safeguarding customers. However, reimbursement under this new regulation is capped at £85,000 per sending bank.

I didn’t pay by bank transfer, can I still get my money back from my bank?

Please check the following articles pertaining to your specific needs.