Bank fraud and scams

Have you fallen victim to bank fraud? We’re here to help. Our specialist team focuses on recovering funds lost to scams, providing the support and legal advice you require, exactly when you need it.

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What is bank scam?

Banks are supposed to be some of the safest institutions, yet numerous types of bank fraud and scams still affect many people. Bank fraud occurs when scammers deceive you into giving away your money. It takes various forms, and fraudsters are becoming increasingly sophisticated, employing fake accounts, false identities, and other cunning methods to access your funds.

Forms of Bank Fraud

Bank fraud can occur in various ways, including scammers posing as a victim’s bank, identity theft, phishing attacks, accounting fraud, and authorised payment fraud.

Fake accounts

Creating false accounts is among the most frequently used tactics by criminals in bank fraud schemes. For victims, this can result in altered bank records, stolen card or account details, and exposure of personal financial information.

Impact

Bank fraud poses a significant challenge for banks and can have lasting effects on customers. While institutions are implementing measures to prevent bank fraud, many do not offer assistance to customers after discovering they have fallen victim to a banking scam.

Types of bank scam

  • Chase Bank Scams

    Many individuals are unsure if Chase reimburses scam victims or what options exist if the bank declines to assist. The good news is that we have been increasingly successful in recovering funds lost to Chase scams and supporting clients in filing complaints against Chase when the bank has failed to adequately prevent the fraud. We have recovered over 100% of lost funds for clients affected by scams through their Chase accounts. If you have lost money to a Chase scam and your account is based in the Canada, we may be able to help you recover your funds.

  • Revolut fraud Refunds

    As with any online banking service, Revolut customers face risks of fraud, but recovering lost money can be challenging. Many clients turn to us after falling victim to cryptocurrency scams or fraudulent transactions and struggle to secure refunds. If you’ve been scammed as a Revolut customer, we can assist you in navigating the refund process and advocating for your funds.

  • Monzo Scam

    If you have lost money due to a fraudulent payment as a Monzo customer within the last six years, we can help trace and recover your funds. Our recovery team has significant experience in reclaiming funds that banks may not be able to retrieve, especially in cases involving cryptocurrencies or other digital assets.

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Kinds of bank fraud

Bank transaction scams

Fraudsters deceive individuals into transferring money to their accounts, often by impersonating banks, the police, or reputable companies. They create urgency to pressure you into acting fast before you realize it’s a scam.

Debit card scams

Criminals may steal debit card information through skimming devices, phishing emails, or data breaches. With this data, they can make unauthorized purchases or withdraw funds from your account.

Accounting manipulation

This form of fraud entails altering financial records to conceal debts, overstate earnings, or mislead stakeholders. Both companies and individuals can be affected, frequently facing severe financial repercussions.

Bank check kiting scheme

This scam exploits the delay in cheque clearing. Fraudsters write a cheque from one account to another lacking sufficient funds, withdrawing money before the bank detects the cheque will bounce.

New account scam

Scammers use stolen or fabricated identities to open bank accounts. They often use these accounts to carry out additional frauds, like securing loans or making unauthorized transactions. Typically, victims end up with costly debts or harmed credit scores.

FAQs

  • Can online banking be a target for bank fraud?

    Yes, bank fraud can occur online, but there are measures you can take to protect yourself. If someone obtains your bank details—whether through card theft, data breaches, or malware—they can make unauthorized transactions. That’s why it’s crucial to freeze your card immediately if it’s lost, even if you believe it’s just misplaced. You can always unfreeze it later if you find it.

    To lower the risk of fraud, avoid using public Wi-Fi for online banking or shopping, as hackers may intercept your data. Use strong, unique passwords for your accounts and regularly review your transactions for any suspicious activity. Being vigilant online helps safeguard your money.

  • How do I protect myself from bank fraud?

    Keep your card information secure, never disclose your PIN, and regularly monitor your transactions for any unusual activity. Ensure your devices have the latest cybersecurity updates to minimize the risk of hackers accessing your data.

    If someone contacts you claiming to be from your bank and requests personal or financial information, do not provide any details. Banks will never call or email unexpectedly asking for passwords or instructing you to transfer money. If in doubt, hang up and contact your bank directly using the number on their official website. Similarly, avoid clicking on links or opening attachments in emails unless you are completely certain they are genuine.

  • Will the bank cover losses if I fall victim to bank fraud?

    Liability for bank fraud varies depending on the situation. Banks might be held responsible if security lapses or data breaches compromise customer data, though this is uncommon with major banks.

    Typically, the responsibility lies with the customer. Using weak passwords, conducting transactions over public Wi-Fi, or falling victim to scams can put your money at risk. No matter the case, act quickly. Contact your bank right away, update your passwords, and if reimbursement is denied, InterClaim Alliance can assist you.

  • What are the most typical kinds of bank fraud?

    One of the most frequent scams is bank transfer fraud, where criminals impersonate trusted contacts to deceive victims into sending money. They may use stolen personal information to make their requests appear legitimate.

    Another growing scam is the “Hi Mum” text fraud, in which fraudsters send messages pretending to be a family member urgently needing money. These emotional ploys can be very manipulative, causing people to transfer large amounts without hesitation. If something feels off, always verify with your bank before making any payments—it’s better to be cautious than fall victim to a scam.

  • How can I protect myself if I believe I’m a victim of bank fraud?

    If you suspect bank fraud, act quickly. Contact your bank immediately—they might be able to halt the payment before it processes. Even if the transaction is complete, they can investigate and guide you on the next steps.

    Then, update your banking passwords to block further unauthorized access. You should also report the fraud to the authorities, as they may hold important information about the scammers.

    If your bank cannot retrieve your funds, InterClaim Alliance can assist. Our Canada-based team specializes in fraud recovery and will work hard to recover your money.

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