New Voluntary Code to Protect Scam VictimsDate published: 28th May 2019
If you get tricked by fraudsters you could get your money reimbursed as a new voluntary code has come into effect - although not all banks have signed up to it.
Previously, banks would refuse refunds if you have been scammed, for example if you've been tricked into transferring money to a criminal's bank account. This was because the victim had 'authorised' the transfer.
As part of the new code, banks and payment providers who sign up to it have to implement measures to protect customers such as detecting high risk payments, identifying vulnerable customers and delaying or freezing payments that might be part of a scam with both the bank sending the payment and the receiving bank having a duty to take action.
If you become a victim and either sending or receiving bank has fallen short of the new standards, your bank will be required to reimburse you.
Not all banks have signed up, check with yours to see if they have.
For more advice see https://www.getsafeonline.org/