Bank Fraud and Scams
According to UK Finance, millions of pounds worth of authorised payments are transferred to scammers every year in the UK. That number has increased considerably in recent years with the trade association for the UK banking and financial services sector declaring it a national security threat’.
If you have suffered from fraudulent activity or a scam, then we can help you to recover your losses.
Our communication with the relevant financial institution will also allow us to obtain further information from them to support your complaint.
Investment Scams:-
Have you ever invested in something only to find it doesn’t exist? Perhaps a scammer imitated an investment company. Or maybe they invested your money but have refused you access to it and/or cleaned out the account?
Investment scams are a type of authorised push payment (APP) fraud, also known as bank transfer scams. This is because the victim intentionally transfers the money to the scammer because they think they are dealing with a genuine investment company. Unfortunately, that is not always the case and some people lose large sums of money after being targeted by investment scammers.
Most common investment/bank transfer scams?
Cryptocurrency Scams
Cryptocurrency or ‘crypto’ is a digital currency which can be used to purchase goods or services. Bitcoin is the most well-known cryptocurrency, but there are over 1,500 cryptocurrencies available to invest in. Unfortunately, some scammers deal with fake cryptocurrency or they promise to invest in real cryptocurrency – in both cases, stealing the money instead.
Unregulated Products
In addition to crypto scams, people are also being tricked into moving money out of their savings and into investments in unregulated products. Some people have unfortunately transferred their life saving to unauthorised firms selling a range of goods, including, but not limited to:
- Gold Scams
- Diamond Scams
- Fine Wine Scams
- Property Scams
Pension Liberation Scams
Some clients who also been deceived into cashing out their pensions and other investments and sending their money to scammers. These can, of course, relate to any of the aforementioned scams, but we have also seen people being cheated into investing in other high-risk investments such as overseas property and hotels; renewable energy bonds; forestry; parking and storage units to name a few. However, often it is just stolen, which can be devastating for victims who have worked hard their whole life to build up their pension pot.
How do investment scammers typically target their victims?
Fake Social Media Profiles
We often see scammers using social media, including Facebook, Instagram and Twitter, to lure people into investing in cryptocurrencies, foreign exchange and binary options. The fraudsters set up very convincing profiles and share images of luxury items, such as expensive cars and watches, to entice people into investing.
Fake Websites/Cloned Websites
A lot of scammers go to the trouble of developing websites for fake investments or cloning real websites to deceive people into believing they are reputable, and regulated, financial advisers. Often scammers will organise fake reviews so that they will appear more reliable. The scammer may also provide a link to social media and YouTube tutorials about the ‘investments’ they can make on your behalf, all to make them appear more legitimate.
Phishing Emails/Phishing Text Messages/Phishing Telephone Calls
Scammers will also use phishing emails, text messages or phone calls to entice people into investing.
Can I get my money back from an Investment Scam?
Investment scams are incredibly popular with fraudsters because people often invest large amounts of money when investing. If you have lost your hard-earned cash or been tricked into handing over your life savings, then we can help you get your money back.
What will it cost me to make an investment scam claim?
Nothing upfront. We work on a ‘no win, no fee basis so if you are unsuccessful you won't pay us a penny. However, if we are successful in getting your money back, then we deduct a success fee, capped at 30% plus VAT of anything we recover for you
Romance Scams
Romance Scams are often referred to as authorised push payment (APP) or bank transfer scams. This is because the victim knowingly transfers the money because they have grown to trust the individual that they have formed an online friendship or relationship with. Unfortunately, for many they have been targeted by romance scammers, using fake profiles to deceive people into handing over their hard-earned cash.
The scammers will often create fake profiles on dating sites and maintain they are unable to meet in person because they work overseas or offshore etc. Plausible stories are often advanced to pressurise individuals to support them. For example, there may require help dealing with debt or they may allege they have been stuck overseas etc.
We understand that this type of scam is among the most devastating as many people feel hurt and even ashamed when they realise they have been the victim of a romance scam. However, we are experts in fraud recovery and can help you get your money back, so you should never feel embarrassed about getting in touch.
Purchase Scams
Have you ever sent money to someone for goods or services that you never received?
Have you transferred money for an item and then been ignored or blocked by the seller?
If this has happened to you then it is likely you have fallen victim to a purchase/shopping scam.
A purchase/shopping scam is often referred to as an authorised push payment (APP) or bank transfer scam. This is because the individual has knowingly transferred the monies and therefore authorised the payment because they believe they are making a legitimate purchase from a genuine seller.
The most common types of purchase/shopping scams are as follows:-
- Facebook Marketplace scams
- Instagram scams
- eBay scams
- Gumtree scams
- Shpock scams
If you have transferred money to scammers impersonating a genuine seller, we can help. Contact us to discuss the circumstances around your purchase and we will provide you with no-obligation advice on making a purchase/shopping scam claim.
Reviewing your scam claim:-
As an experienced financial mis-selling team, we will investigate your financial transactions in relation to the fraud. If we believe financial rules, codes of conduct, regulations or the law and internal policies have been breached we will raise your complaint to the relevant financial institution involved.