April 18, 2019 10:05 am Written by

Getting a Refund If You Have Been Scammed

Getting a Refund If You Have Been Scammed

According to research and surveys, at some point in time 75% of us have been a recipient of some form of scam, fraudulent call or email, or identity theft.

Fortunately many of these are easy to spot. You may find poor spelling or grammar in an email you have received, or the email or text/phone call, is just too bogus to even believe.

However, scammers and fraudsters are getting more and more clever all the time.

Gone are the days of a Nigerian Prince contacting you as they know you are a reputable and honest person and need your aid in transferring their millions of pounds into the country.

Those scams we spot right away, but many scams these days are difficult to spot.

The emails we are receiving look just like they came from our bank, or PayPal, or some other financial institution.

Scammers are phoning us pretending to be the police, or our bank, and sound very convincing; convincing enough for us to give them our details, or in some instances our bank cards.

Once the scammer or fraudster has your details, and soon then your money, they are gone into the ether never to be found or heard from again.

Cyber crimes are hard to trace, the authorities are getting better at chasing and finding these criminals, but the criminals are staying one step ahead.

So if you are the victim of a scam or fraudulent crime, how can you get your money back?

Sometimes you cannot.

One of the bigger scams is sellers online selling products cheaply, but then never delivering the product.

If you use a credit card for online purchases you do have some recourse through the credit card


Under Section 75 of the Consumer Credit Act, you do have ways to get your money back.

If you paid by debit card, there are ways to get your money back under a Charge Back Scheme.

One issue some fraud victims experienced was they voluntarily gave their banking details to the scammer, and then had money taken out of their accounts.

The bank(s) felt that by the victim giving up their details, and/or bank details, they contributed to the crime; a sort of contributory negligence issue. So the bank did not feel the need to refund or cover the losses the victim experienced.

Even in instances where the victim thought it was there bank phoning them!

New Reimbursement Code For Banks

Beginning May 2019, banks are agreeing to a new code to reimburse those victims of bank transfer scams.

The code, which is voluntary, encourages banks and other “payment service providers”, to put more measures in place to protect their clients, and also to refund any losses a customer may have experienced “if they have done nothing wrong”.

While many banks are committing to the new code come May, TSB is raising the bar and stating they will “refund customers who fall victim to any type of fraud”.

The acting Chief Executive of TSB, Richard Meddings has said this was, “about giving piece of mind to our customers and doing the right thing”.

“It’s a major societal blight. Innocent customers are being tricked.”

He added, “The vast majority of fraud claims across UK banking are from innocent victims of fraud who have been targeted by criminals and organised gangs.”

“However, all too often these customers must fight to be refunded and are not treated as victims of crime.”

Money Editor at Which?, Jenny Ross said, “Other High Street banks are leaving their customers unprotected. All banks must now follow TSB’s lead and ensure that their own customers are not left paying for the cost of this crime.

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