Customers of financial institutions can be prone to attempts by fraudsters to obtain personal information. This information can then be used to gain access to an individual’s financial accounts. There are many ways in which you could be contacted such as email, post, or cold calls, but the methods used are constantly evolving so it is important that you are aware of the types of fraud people are becoming victim to so that you are better able to protect yourself.

What you can do

If you believe that you have been contacted by a fraudulent third party, we encourage that you ignore any further communication from them. If you have provided the fraudulent party with personal details and/or sent monies to them we suggest you:

  • Contact your bank immediately to either stop the transaction or investigate if these funds can be reimbursed.
  • Report this to your local police.
  • Report this to Action Fraud either online or by calling 0300 123 2040.
  • Report this to the Financial Conduct Authority (FCA) either online or by calling 0800 111 6768.
  • Alert any other financial institutions where you hold accounts, including your financial advisor.
  • If your ID (e.g. driving license and passport) have been compromised, we recommend you seek advice from the DVLA and Passport Office.
  • Provide us with the criminal reference number given to you by the police for this case along with as much information as possible on the fraudulent third party.

If you have lost money as a result of bank transfer fraud and your bank is signed up to the Voluntary Contingent Reimbursement Model (CRM) Code then the following article (Reimbursement for authorised push payment fraud (which.co.uk)) may be helpful for you in trying to recover your money.

For individuals based outside of the UK, if you have any information that you believe could help protect others, please contact us at [email protected].