Fighting back against bank fraud

Online Bank Fraud: FAQ

• Can bank fraud happen with online banking?

  Yes, online banking is a common target for fraud, but you can take proactive steps to protect yourself. If criminals obtain your bank details—whether through card theft, data breaches, or malware—they can make unauthorized payments.

  This is why it’s vital to freeze your card immediately if it’s lost. To reduce your risk, avoid using public Wi-Fi for banking, use strong and unique passwords for all accounts, and regularly check your statements for suspicious activity.

• How can I prevent bank fraud?

  Preventing bank fraud requires being proactive with your online security. Follow these best practices:

  • Protect Your Details: Keep your card details safe and never share your PIN. Regularly check your transactions for any suspicious activity.
  • Secure Your Devices: Ensure your computers and phones are updated with the latest cybersecurity software to protect against hackers.
  • Verify All Communication: Banks will not call or email you unexpectedly to ask for passwords or request you move money. If you receive such a request, hang up and call your bank directly using the number on their official website.
  • Beware of Phishing: Do not click on links or attachments in suspicious emails unless you are absolutely certain they are legitimate.

• Is my bank responsible if I lose money through bank fraud?

  A bank’s responsibility for fraud-related losses depends on the specific circumstances. While they may be liable if their own security failures led to a data breach, the onus is often on the customer to practice safe banking.

  Using weak passwords or being tricked into authorizing a payment can put your funds at risk. Regardless of the situation, you must act fast. Contact your bank, change your passwords, and if they refuse to reimburse you, Wealth Recovery Solicitors can assess your case.

• What are the most common types of bank fraud?

  One of the most common schemes is authorized push payment (APP) fraud, where criminals impersonate trusted individuals or companies to trick you into transferring money.

  Another rising threat is the «Hi Mum/Dad» text scam, where fraudsters pretend to be a family member in urgent need of money. These emotionally manipulative tactics can lead people to transfer large sums without question. If a payment request feels wrong, always verify it with the person directly before sending money.

• What to do if I think I’m a victim of bank fraud?

  If you suspect bank fraud, you must act immediately. Follow these steps:

  1. Contact Your Bank: Call them right away. They may be able to stop a payment in progress or block your account to prevent further losses.
  2. Secure Your Accounts: Immediately change all your online banking passwords and any other compromised credentials to prevent further unauthorized access.
  3. Report the Fraud: File a report with the relevant authorities (like Action Fraud in the UK), as this is crucial for any investigation.
  4. Seek Legal Help: If your bank is unable or unwilling to recover your money, contact Refund Agency. Our UK-based team specializes in fraud recovery and will fight to get your money back.