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 Report Fraud (formerly 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 Report Fraud (or Police Scotland on 101 in Scotland), and if you paid by card see whether Section 75 or chargeback can help. Check any company in our Complaints Directory.
Sources
Report Fraud; Payment Systems Regulator (APP scam reimbursement, from October 2024); FCA (mis-selling); Financial Ombudsman Service. Reviewed: 3 September 2026.