Protecting Yourself From Financial Fraud
Financial fraud has grown more sophisticated, but the response, spotting it early, reporting it quickly, and knowing your rights, remains the best defence.
Common Scam Patterns
Bank impersonation calls or texts (asking you to 'move your money to a safe account'), fake investment opportunities promising unusually high returns, and romance or purchase scams on social media and marketplaces are among the most common in the UK. A genuine bank will never ask you to transfer money to a 'safe account' or share your full PIN or online banking password — treat any request like that as fraud, regardless of how convincing the caller sounds.
Mandatory Reimbursement for APP Fraud
Since October 2024, UK banks must reimburse victims of authorised push payment (APP) fraud, where you're tricked into authorising a payment yourself, up to £85,000 per claim, typically within 5 business days (up to 35 days if further investigation is needed). Providers can apply a £100 excess (not for vulnerable customers), and claims must be made within 13 months of the fraudulent payment — report the fraud to your bank immediately, since the clock on reimbursement starts running from when you report it.
Where to Report Fraud
Report fraud and cybercrime to Action Fraud (actionfraud.police.uk or 0300 123 2040) to get a crime reference number, and contact your bank directly and immediately if money has already left your account. If your bank doesn't resolve a fraud complaint satisfactorily, you can escalate it to the Financial Ombudsman Service, which can independently review the case.
Frequently Asked Questions
- What should I do if I suspect I've been a victim of fraud?
- Contact your bank immediately to try to stop or reverse the payment, then report it to Action Fraud (actionfraud.police.uk or 0300 123 2040) for a crime reference number.
- Will my bank reimburse me if I'm tricked into sending money to a fraudster?
- Since October 2024, UK banks must reimburse victims of authorised push payment (APP) fraud up to £85,000 per claim, usually within 5 business days, subject to a possible £100 excess and a 13-month claim window.
- What if my bank refuses to reimburse me?
- You can escalate the complaint to the Financial Ombudsman Service, which independently reviews disputes between consumers and financial firms.
- How can I tell if a call from my bank is genuine?
- A genuine bank will never ask you to transfer money to a 'safe account' or share your full PIN or online banking password over the phone — hang up and call your bank back using the number on your card if in doubt.
Informational content, not financial, tax, or legal advice. Verify amounts, limits, and current conditions directly with official sources (HMRC, FCA, FSCS) before making a decision.
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