Payment & Investment Scams
Beware of Scams both online and offline
Unauthorised Payment Scams
Someone gets access to your card, mobile or online banking
This can happen if someone steals your contactless card or steals your phone and hacks into your mobile banking. Provided you acted honestly and reasonably you can normally be fully reimbursed by your bank.
It is essential not to share your cards and PIN with anyone otherwise you may not be able to get reimbursed by the bank.
Authorised Payment Scams
Someone convinces you to send them money
This happens when someone persuades you to send them money typically via electronic
transfer on false pretences e.g., promising they will invest it for you, or claiming they need it.
Since October 2024, the law has changed in favour of the customer, and banks are
obliged to reimburse you up to £85,000 provided you acted honestly and reasonably. Still, it is best to avoid falling victim in the first place so beware of any strange stories and promises of a large and quick financial return.