Scams are more sophisticated than ever, and being caught out is nothing to be
ashamed of. Acting quickly gives you the best chance of getting your money
back — and reporting helps stop it happening to someone else.
Spotting a scam
Be wary of anything unexpected that pressures you to act fast or move money
“to keep it safe” — genuine banks and organisations never do that. Common
signs are out-of-the-blue calls, texts and emails, requests for personal or
card details, and offers that seem too good to be true. If in doubt, stop and
check independently using a number you find yourself.
If you’ve been scammed
Contact your bank immediately — the sooner you report it, the
better. If you were tricked into transferring money to a fraudster, banks now
have to reimburse most victims (up to £85,000 per claim)
under rules in force since October 2024. Report the fraud to
Action Fraud (0300 123 2040) in England, Wales and Northern
Ireland, or Police Scotland (101) in Scotland.
Mis-selling
Mis-selling is different from a scam: it’s when a regulated firm sells you
something unsuitable, or misleads you about it — an unsuitable investment,
insurance you didn’t need, or finance you couldn’t afford. You can complain to
the firm and, if it isn’t resolved, take it free to the
Financial Ombudsman Service,
which can order compensation.
What to do next
Tell your bank, report to Action Fraud, and if you paid by card see whether
Section 75 or chargeback
can help. Check any company in our
Complaints Directory.
Sources
Action Fraud; Payment Systems Regulator (APP scam reimbursement, from October
2024); FCA (mis-selling); Financial Ombudsman Service. Reviewed: 3 September
2026.