Video Transcript – Authorised Payment Scams

The second type of scams is when you are convinced by a fraudster to make a payment, usually to transfer money electronically from your account into their account. Typically, the fraudster sells you a story of romance or that they need the money for a life saving operation or even that they are part of the police and are trying to catch some real fraudsters. Until recently there was not much that the law would do in that case.

Even if you went into a branch of the bank and transferred your life’s savings to a fraudster the courts have ruled that the bank has no duty to stop you from doing that even if they suspect that you are being defrauded. This is still the case, legally, but since October 2024, special regulation requires banks to reimburse you for push payment scams up to £85,000 provided the payment is into a UK bank account.

So, if you have fell victim of a push payment fraud after October 2024, you may be able to get your money back. But it is best to avoid being scammed in the first place: remember that any story told to you by someone online to get you money is extremely likely to be fake and that your bank, employer, or the authorities will never ask you for money or for your passwords. If you receive any call pretending to be from your bank or a mobile phone company or anything and you have the slightest suspicion just hang up. You can call back their proper number.

Keeping your computer and mobile phone secure is more complex. Here is some guidance you can refer to.