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Can I get my money back from a bank transfer scam?
Bank transfer scams- known in the industry as Authorised Push Payment fraud- have become increasingly common. In 2020 alone, UK Finance reported that victims in the UK lost £479 million to these scams. If you've lost money to a UK bank transfer scam, Refundee may be able to help you reclaim your money from your bank.
What is a bank transfer scam?
This type of scam occurs when you send funds from your own account to one belonging to a scammer. They can take a variety of forms, but the most common types of fraud where you are persuaded to transfer funds include:
Romance scam
Where you send it to someone who has tricked you into a relationship.
Investment scam
Where you send it thinking it is for a legit investment. This can be for anything such as property, crypto, forex or stocks and shares.
In 2026, there has been a huge growth in situations where the scammers convince you to send funds to cryptocurrency, or where they pretend to be from your institution's fraud team and warn that you need to move your funds to a safe account.
If you’ve been tricked into transferring funds to the account of someone you don’t know, you might be able to get your money back from your bank.
Can I get my money back from a Bank Transfer?
For some victims, the rules that apply depend on when the scam took place. Two different frameworks have applied since May 2019.
Before making a claim, it is vital that you read the code and make the arguments that you think are relevant to your case.
On or after 7 October 2024
Mandatory Reimbursement
From 7 October 2024, the CRM Code was replaced by new regulation called Mandatory Reimbursement. Unlike the CRM, it isn't voluntary- it's mandatory for all UK payment providers. It's similar to the CRM but should offer higher protection, as banks are expected to do more to protect their customers. However, unlike the CRM, reimbursement is capped at £85,000 per sending bank.
28 May 2019 to 6 October 2024
Contingent Reimbursement Model
A voluntary code on Authorised Push Payment scams that protects customers of signatory firms. Signatory firms commit to reimbursing APP fraud victims, provided the customer has met the standards expected of them under the code. Put simply, it sets out how firms should prevent scam payments and when they should refund victims. A number of exclusions apply, and firms have been heavily criticised by groups such as Which? for applying the rules inconsistently.
Whether you get a refund or not can be a lottery that depends on who you have an account with, how they interpret the Code and how they interpret the facts of your case as you have presented them.
I didn’t pay by bank transfer, can I still get my money back from my bank?
Debit Card
If you paid by debit card, you may be able to get your money back through a chargeback, a dispute process that reclaims the purchase amount from a card payment.
It's especially useful for goods or services that never arrived, for example, a purchase scam where an item you bought never showed up. Your card provider can try to recover the funds from the organisation on your behalf.
A chargeback withdraws funds from the recipient's account and returns them to yours. The recipient firm can dispute it if they believe it's invalid.
Credit Card
If you paid by credit card for goods or services over £100, Section 75 of the Consumer Credit Act applies, making the credit card company jointly and severally liable for any breach of contract or misrepresentation by the retailer or trader.
If you lost funds to a scam this way, contact your bank to reclaim the money, or get in touch with Refundee. These cases are usually more straightforward, so we'd recommend going direct rather than paying fees to a company to do it for you.
See the Citizens Advice website for more on your options for getting money back from your bank after falling victim to fraud.