Do banks usually refund scammed money?

In the UK, banks sometimes refund money lost to scams, but not always. It depends on the type of scam and the circumstances.

When you may get a refund

• Authorised Push Payment (APP) scams – where you were tricked into sending money yourself (for example, a fake investment, romance, or impersonation scam).
• Since October 2024, many UK payment providers must follow new reimbursement rules for eligible APP scams made through the Faster Payments system.
• If the bank believes you acted reasonably and reported the scam promptly, you may be entitled to reimbursement.

When a refund may be refused

• The bank finds evidence of fraud by the account holder.
• The customer acted with gross negligence (for example, ignoring clear warnings and taking extreme risks).
• The payment falls outside the scope of the reimbursement rules.

If someone stole your card details

• If money was taken from your account without your permission, banks will usually refund unauthorised transactions unless they can prove you acted fraudulently or were grossly negligent.

What to do if you’ve been scammed

1. Contact your bank immediately.
2. Report the scam to Action Fraud.
3. Keep all evidence, such as messages, emails, and payment receipts.
4. Ask the bank to explain its decision in writing if a refund is denied.
5. If you’re unhappy with the outcome, complain to the Financial Ombudsman Service.

If you tell me what type of scam it was (bank transfer, card payment, crypto, investment scam, etc.), I can explain the likelihood of getting a refund in that specific situation.