If you sent money to a fraudster - you might be able to get it back from your bank
Of course we’d love you to use Refundee to get your money back! But if you’ve lost money to fraud, you don’t need to use a claims management company like Refundee. By following some simple steps you can claim back your money yourself, for free! We’ve provided full instructions here, but this post will give a good summary.
What are bank transfer scams?
A bank transfer scam is where you’ve been tricked into sending money from your own bank account to a scammer.
Just because you sent the money yourself, it doesn’t necessarily mean that the money is lost or that the bank isn’t liable for the loss. Banks have signed up to regulations, such as the Contingent Reimbursement Model Code, that set out where they need to refund fraud victims.
If you’re a victim, you could get a refund from your bank by doing the following:
Step 1: Complain to your bank about the fraud
Tell your bank what’s happened as soon as possible, and give them the details of the account you sent the money to. Take screenshots of the conversations you had with the fraudster and any other evidence you think might be useful.
Tell them you want them to consider you for a refund, and make sure they know you’re making a complaint. It’s important you make it clear that you’re complaining, otherwise it’s likely you’ll only be dealt with by the fraud department. The complaints team will generally have a deeper look into what’s happened.
Step 2: If you remain unhappy, complain to the Financial Ombudsman
You should hear from your bank within 15 days of sending your letter, but sometimes it can take longer. If you think they’ve unfairly denied you a refund, you can take your complaint to the Financial Ombudsman Service. This is a free service set up by Parliament to investigate complaints such as these. You can find out more about how they look at fraud here.
‘I’d rather someone manage my fraud claim for me’
We’d emphasise that you don’t need to use a claims management company, and it’s easier to do it yourself than you’d think. But if you’d rather Refundee do it for you then we’d be happy to help. Our fee is 15% (plus VAT) of any funds we recover, but if we don't recover anything then you don’t pay a penny. You can start your claim with us using our claim form.
Which banks have signed up to the Contingent Reimbursement Model Code?
The following banks need to comply with the Code, so if you’re complaining to them you can be assured they’ll be taking your complaint seriously:
Bank of Scotland plc
Barclays
Cahoot
Cater Allen Limited
Co-op Bank
First Direct
Halifax
HSBC
Intelligent Finance
Lloyds Bank
M&S Bank
Metro Bank
Nationwide Building Society
NatWest
Royal Bank of Scotland plc
Santander
Starling Bank
Ulster Bank
But even if your bank hasn’t signed up to the Code, Refundee believes it should still be held to the industry standard.
