If you’re reading this article, you’ve probably been the victim of a scam or and are wondering about how to get your money back. You might be asking, “What is fraud recovery?”, and what you can do next. Well, fraud recovery is the process of seeking to get back money lost due to various types of deception or fraudulent schemes, whether that’s an online scam, investment fraud, or a sophisticated impersonation trick.
In this article, we explain more on when fraud recovery services might be needed, how they work, and what other options you have after being scammed.
When Is Fraud Recovery Needed?
Fraud recovery comes into play when you’ve lost money due to deceptive or criminal behaviour, whether the scam was carried out online, over the phone, or even face to face. Common situations include:
- Online scams (unauthorised transactions, fake investment opportunities, online marketplace fraud)
- Bank transfer fraud (being misled into sending money to a fraudster’s account)
- Credit/debit card misuse (someone using your details without consent)
- Romance scams or impersonation fraud (someone pretending to be a trusted party or government official)
It’s not just about the financial loss. Fraudulent incidents can shake your confidence and even have lasting emotional impacts. Prompt action increases your chances of recovering what you’ve lost, and sometimes, the sooner you act, the more options you have.
Can’t I Just Ask My Bank For A Refund?
Most people’s first instinct, after discovering they’ve been scammed, is to call their bank. In some cases, contacting your bank quickly is the right thing to do. UK banks are required to investigate certain claims, especially unauthorised payments, under consumer protection rules.
But, things aren’t always straightforward:
- Banks may refuse a refund if they believe you authorised the transaction, even if you were tricked.
- Policies can vary, especially for so-called ‘authorised push payment’ (APP) fraud, where you’re persuaded to transfer money.
- Appealing a bank’s decision can be time-consuming and confusing.
Sadly, too many people give up if their first claim is rejected. But it’s important to know that a refusal isn’t always the final answer. Specialists can often spot errors or missed opportunities in banks’ decisions. If your claim has been turned down, it’s still worth seeking legal advice to check if further action can be taken.
What Laws Are Important In Fraud Recovery
Understanding the law is crucial in fraud recovery, especially the Payment Services Regulations 2017 (PSRs 2017). These rules set out your rights when a payment goes wrong, such as an unauthorised transaction or a scam. The regulations place certain obligations on payment service providers, usually your bank or card company, to protect you.
Key principles from the PSRs 2017 include:
- Refunds for unauthorised payments: Banks generally must refund if you didn’t authorise a transaction, unless you acted fraudulently or with gross negligence.
- Burden of proof: It’s up to the bank to prove that you authorised the payment or were grossly negligent.
- Resolution timelines: Banks must deal with complaints and investigate promptly, usually within 15 business days.
Be aware: Some scams, like APP fraud, fall into legal grey areas where banks might resist refunding. That’s why having someone who understands the fine print can be invaluable.
Changes To Fraud Refund Regulations In 2024
Recent years have seen tightening regulations around APP fraud. Starting in 2024, some legislative changes are increasing pressure on banks to provide refunds more consistently in scam cases. New rules aim to remove ambiguity, making banks take greater responsibility for preventing and remedying fraud, especially where customers have followed security advice.
If your case involves newer types of scams or recent transactions, it’s crucial to check how current or updated regulations might affect your claim.
What Should I Do To Recover From Fraud
Taking the right steps promptly improves your chances of recovering lost funds. Here’s a recommended approach:
- Contact your bank immediately
- Explain what’s happened and request they investigate and freeze any suspicious transfers.
- Log the date, time, and details of all conversations.
- Report the fraud to the police or relevant authority
- Often necessary for insurance or further claims.
- If the bank declines your claim:
- Escalate your complaint: Ask for a written explanation and their final decision (called a ‘final response letter’).
- Consider contacting the Financial Ombudsman Service (FOS): They can review your complaint independently if you remain dissatisfied.
Finally, if all else fails, you could get specialist fraud recovery support:
- Fraud cases are often complex, and banks can make mistakes in handling complaints.
- A recovery expert can evaluate your case, identify any errors in decision-making, and argue on your behalf.
Get Specialist Help With Fraud Recovery
Fraud recovery isn’t always as straightforward as it first seems. If you’ve been left frustrated, especially after being told ‘no’ by your bank, it may be time to get extra help. Our specialists focus on recovering money lost to scams and can often uncover additional avenues or legal arguments that initial complaints miss.
You don’t have to shoulder the stress or navigate the process alone:
- Expert review of your case: We dig into the detail, scrutinising correspondence and evidence for missed opportunities.
- Guidance through appeals and escalations: Whether you’re dealing with your bank or preparing a complaint to the Financial Ombudsman, our team is here to support.
- Ongoing updates and personal service: You won’t be left in the dark, we keep you informed every step of the way.
If you want to talk through your options with a professional today, call +1 (206) 609-6016 or arrange a call back. Our commitment is helping you get justice, and, where possible, your money back.
