Bank Transfer Fraud Victims Will Be Refunded Under New Rules If Banks Sign Up

Are Monzo going to sign up? :thinking:


Hi Monzo, I just got scammed £10k. I transferred it to a prince who promised me £500k. Can I have my money back coz now I can’t feed my kids and I a gonna get evicted :crying_cat_face:

I didn’t really I just transferred it to a mates account :eyes:


Why would banks voluntarily sign up to this? It seems like it’s rife for abuse and complications.

I did wonder that myself. There appears to be a few caveats though:

Under the code, customers have to prove that they believed the transaction was legitimate, and did not ignore any fraud warnings issued by their bank.

Meanwhile, banks which sign up to the code will have to prove they have taken steps to protect scam victims, particularly vulnerable ones.

If both can prove this, then the new rules say that the customer will still be reimbursed.

Good luck proving you didn’t ignore the warnings.

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I do have sympathy for people who are the victims of these kinds of scams.

I’d help a friend sort out his finances so he could get out of debt after years living pay check to pay check despite having a well paid job as a medical professional…he’s a smart guy, just not very disciplined. He’d managed to save £3,000. It was the first money in years he’d been able to save and he was so proud of himself for getting there.

Then one day he called and said he’d lost the lot to one of these scams. I was so annoyed at him thinking he was such an idiot. But when he described how they got him to transfer the money I though I might have fallen for it myself if I hadn’t heard of the scam before. Using number spoofing to look like the bank (which neither of us knew was possible), being able to tell him a list of his latest transactions, the urgency of being told “we’ve noticed suspicious activity on your account and you have to act now” and some great acting on their part was very convincing.

Unfortunately the main victims for these kind of crimes are going to be old people, the disabled, and people with less knowledge about how these systems work. They might lose their life savings or retirement fund. I think the banks need to educate their customers about the kinds of fraud they can be subject to, but also a system like this is a bit of an insurance policy to give victims more protection is probably a good idea.

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Banks should send monthly mail shots and add information to every letter/statement they send out to people telling them that a bank will never call or ask them to transfer money etc.

They have peoples contact details from when opening accounts so shouldn’t be that hard.


I feel like the problem with these now more advanced scams is that the banks themselves don’t educate enough about their processes, and how they change to help protect its customers.

Its hard because whilst a scam, the customer(s) still willingly provide their information/ send the money over and at that point its hard for the Bank to say anything other than “you authorised” whilst I do accept it is likely under false pretences.

Hopefully something can be done so that those who are vulnerable to these types of scams will be better protected/ better informed on the scams themselves.

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It doesn’t help that banks (“high street” ones) tend to call you for marketing purposes, but the first thing they want to do is ‘confirm your identity so we can be sure we’re talking to the account holder’. So asks for recent transactions, dob etc etc - how do you know for sure it’s them calling. Usually when I say I’ll call them back, they sound a bit astonished and try and give me a number to call - not a chance: I’ll call you back on the number on your website/card, but if you’ve got an extension number, I’ll use that.


It’s always annoyed me that Halifax emails for card statements claim that the email is authentic because they’ve stuck the last half of my postcode at the top. If anything it’s making people more lax to email phishing.

At least they don’t include a link to login in the email anymore. :+1::+1:


Yes, this

HSBC used to do this to me

I am pretty certain it was always genuine, but I always explained to them that they themselves told me never to give out details, so there was no way I was going to go through security details and the like unless I rang them

They would always be circumspect about the reason for ringing me. Even before the abuse of GDPR as such an excuse, this seemed a stretch that they could not tell me

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I had the opposite with Nationwide. They called to discuss a suspicious transaction, and wanted to take me through security “if you are happy to do that now.” I said I wasn’t, and they said” that’s fine, just call the number on your card, and I’ll put a security note on your file so they know what it’s about.”


Hi all,

Quick update from us on this.

We’re still signing up to join today’s announced code. It might just take a couple more weeks.

But in the meantime, we’re following the spirit of the code. So if someone falls victim to a scam, and we’d refund them by the code’s rules, then we’ll still do that :slight_smile:


What are the codes rules out of curiosity? Can’t seem to find them :upside_down_face:

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Hi Richard,

I lost £7447 in a scam on 1 July 2019, But Monzo is saying they do not able to cover the fraud.
It was my hardest earned money!!

Can you please check this, if by any chance Monzo consider me to refund my money. :pray:

Unfortunately this is a community forum and so nobody can help here. In app support will be able to help you. If you believe they made an error refusing to refund you then you can make a complaint

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I made the complaint, but Monzo is saying they always looking for ways to avoid any fraud from occurring within the bank only. In my case I ended up transferring money in different bank(LLYOD).
Scammers tricked me and I ended up transferring my money to fraudsters.
so, they are not able to cover the fraud. :worried:

Can I ask how they tricked you? Might be useful to help people avoid the same mistake

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I got Scammer’s call and he instructed me to go back to my home while I was still on the call. Upon reaching my place the caller portraying as an investigating officer from the UK Embassy told me to verify the number from the website ( that it belonged to the home-office, UK and further put me through various questions like he was investigating me for nearly 3-4 hrs.

During he was investigating, He shouted and said you and your wife both try to hide something from UK government as you have not provided proper information to immigration at the time of arrival.

I said it could be human error, we both have no intention to hide something at immigration.

After which the caller informed me that my case was genuine but a fresh visa needs to be applied for which I need to transfer money online and the same would be returned by cheque within 15 days. To which I initially objected but the caller threatened me of legal action against me and my family and under duress I having no other option as the caller was not even letting me disconnect the call transferred £7447 from my account.

They tricked me in such a way to send my money in multiple transactions. I made multiple transactions to correct mistake in my immigration status, my wife’s immigration status, my son’s immigration status etc.

Now, upon reading so much over the internet and discussed with Action Fraud also. I get to know it is APP fraud where SCAM victims tricked into transferring money to fraudsters.

I don’t know why I cannot be consider to reimburse my money. I am in blameless position and not sure what to do now as Monzo also suggested,they doesn’t cover the fraud where Victim send money to other bank accounts. Monzo always look for ways to avoid any fraud from occurring within the bank.