Each week seems to bring with it a new scam and with more than half of all UK adults banking online, fraudsters are having a field day. So how supportive is your bank when you’ve been a victim of fraud?
Online banking fraud losses soared to £60.4m last year – a 48% increase on 2013 – while total card fraud losses were up 6% to £479m, says Financial Fraud Action UK.
Conmen are always finding ways to adapt. They can spoof your bank’s phone number, send convincing phishing emails (such as this recent HMRC tax rebate scam), or call up pretending to be your bank so that you give away banking login details or other sensitive information.
It’s enough to make you feel downright paranoid.
Bank fraud – getting your money back
Banks, building societies and credit card providers say they work hard to prevent and detect fraud, but victims don’t always get their money back.
If you unwittingly authorise a payment because of a phone ‘vishing’ scam or email ‘phishing’ scam the bank’s liability is limited because you have inadvertently given your own money away.
Older people are particularly vulnerable – the Financial Ombudsman Service (FOS) recently reviewed 185 phone scam cases and found that 80% of victims were aged over 55, with some losing over £100,000.
Card fraud victims generally have much more protection because the bank can only refuse to refund you if they can prove you were ‘grossly negligent’. Firms don’t always get this right – the FOS says that it often has to remind businesses of the rules about their liability for disputed transactions and in particular the differences between credit cards and debit cards.
Have you been a victim of fraud?
The Financial Conduct Authority last week reported that firms are ‘making good efforts to deliver fair outcomes for consumers’ when they handle claims for unauthorised transactions (when a payment is made from your current account or credit card without your consent). But now we want to hear about your experiences of bank fraud.
Have you ever been a victim of fraud – and if so, was your provider supportive? Did you get your money back quickly – or even at all? Does your bank ever query unusual payments, or warn you about the latest scams?