Fraud is now one of the most common crimes in the UK, online scams, telephone impersonation ("your account has been compromised"), and fake investment platforms in particular. If it has happened to you, speed matters: acting in the first hours and days gives the best chance of recovering money and limiting damage. Here is a clear, practical guide for England and Wales.
1. Contact your bank immediately
As soon as you realise, call your bank (use the number on your card or the official app, not a number the scammer gave you):
- Ask them to stop or recall the payment and freeze the account if needed.
- Banks can sometimes retrieve funds if alerted quickly, before the money is moved on.
Authorised Push Payment (APP) reimbursement. If you were tricked into sending money to a fraudster by bank transfer, you may be entitled to reimbursement under the mandatory APP-fraud reimbursement rules for qualifying Faster Payments (overseen by the Payment Systems Regulator). The mandatory rules do not cover every bank transfer and are subject to the scheme's scope, exclusions (such as first-party fraud or failure to meet the consumer standard of caution), time limits and procedural requirements. Raise a reimbursement claim with your bank. If your bank refuses or you are unhappy with the outcome, an eligible complainant (consumers and certain small businesses, charities and trusts) can escalate to the Financial Ombudsman Service subject to the Ombudsman's jurisdiction and complaint time limits.
2. Report the fraud
- Action Fraud, report to the national fraud and cybercrime reporting centre (online or by phone) and keep the crime reference number.
- If you are in immediate danger or the crime is in progress, call 999.
- For fake investments, also report to the Financial Conduct Authority (FCA) and check the FCA Register / ScamSmart warning list.
- For identity theft, consider registering with Cifas protective registration.
3. Preserve the evidence
Keep everything, it helps the bank, the police and any civil claim:
- screenshots of websites, adverts, messages, emails and the fraudster's details;
- bank statements and payment references, dates and amounts;
- phone numbers, account names/numbers the money went to, and any "account manager" names.
Do not delete messages or apps the scammers told you to install (but do remove remote-access software once safe, and change passwords from a clean device).
4. Secure yourself against further loss
- Change passwords (especially banking and email) and enable two-factor authentication.
- If you gave remote access to your computer, disconnect it and have it checked.
- Watch for follow-up scams, fraudsters often return posing as "recovery" services or the police; treat unsolicited "we can get your money back" offers with great suspicion.
5. Civil recovery for larger losses
For significant sums, civil remedies may help trace and recover money, usually via specialist solicitors:
- a freezing injunction to stop funds being dissipated;
- a Norwich Pharmacal order or bankers' books disclosure to identify the fraudster or trace where the money went;
- claims against those who received your money.
These are powerful but can be expensive, so weigh the likely recovery against the cost.
6. Get support
Being defrauded can be distressing as well as costly. Organisations such as Victim Support and Citizens Advice can help, and your bank should treat vulnerable customers with care.
Key takeaways
- Act immediately: contact your bank to stop/recall the payment and claim APP reimbursement for qualifying Faster Payments APP fraud, subject to scheme scope and exclusions; eligible complainants can escalate to the Financial Ombudsman if refused.
- Report to Action Fraud, the FCA for investment scams, and 999 if in progress.
- Preserve all evidence and secure your accounts (passwords, 2FA), watching for recovery-scam follow-ups.
- For large losses, consider civil remedies (freezing injunctions, tracing orders) through specialist solicitors.
Sources
- Authorised Push Payment (APP) fraud reimbursement rules for Faster Payments (Payment Systems Regulator); Financial Ombudsman Service
- Action Fraud (national reporting); Financial Conduct Authority ScamSmart / FCA Register; Cifas
- Civil remedies: freezing injunctions and Norwich Pharmacal (tracing) orders
--- This article is general information about the law of England & Wales as at 2026, not legal advice. For advice on your circumstances, consult a qualified solicitor.