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Bank Transfer Warning: Millions lost to transfer fraud in 2020 – protect your money | Personal Finance | Finance

Unfortunately, many people have fallen victim to such scams, with large sums lost in the first half of 2020 alone. Figures from the financial institution UK Finance revealed a total of £207.8million had been lost to bank transfer fraud during this period alone. This is in line with the amount recorded during the same period last year, demonstrating the prevalence of the issue for many bank account holders.

“Always take a moment to stop and think before parting with your money or information, and don’t let a criminal rush or panic you into making a decision that you’ll later come to regret.”

However, there has been a push back on this kind of scam occurring.

UK Finance figures showed providers were able to return a total of £73.1million of transfer fraud losses to victims in the first half of 2020.

This is an increase of 86 percent when compared to the same period last year. 

Citizens Advice has offered help to those who have paid scammers via bank transfers.

Its website reads: “Contact your bank immediately to let them know what’s happened and ask if you can get a refund.

“Most banks should reimburse you if you’ve transferred money to someone because of a scam.

“If you can’t get your money back and you think this is unfair, you should follow the bank’s official complaints process.”

If a person receives a final response letter, or their complaint is not resolved within eight weeks, there is one other step which can be taken.

Britons can take their issue to the Financial Ombudsman who may be able to escalate the matter further. 

And emotional support is also available for scam victims through organisations such as Victim Support, Samaritans and Age UK. 

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