There’s not much worse than the daunting realisation that you’ve lost money online. The moments that follow are full of panic and worry, with the sole focus on recovering the money lost. Many victims will wonder how they can get their money back, and this is where the problem lies.
There is a lot of misinformation out there about getting your money back, which often leads people to believe either that their money is recoverable, or that there is no hope of getting it back. People believe that if they fall victim, then their bank can recover the funds, but this isn’t always the case. Here, we explain how we can help recover your money.
What To Do First
When you first find that you have fallen victim, you will almost immediately wonder how you can get your money back. Then, most victims will go on to make a report at their bank. In almost all cases, the bank will simply provide a complaint reference, and then attempt a chargeback. They may also potentially make contact with the bank to which the money was sent.
However, most people will find that all of their money is long gone and this is where most struggle to recover it through their bank. It is very hit-and-miss as to whether your bank can recover money lost.
Next Steps
If you do try and recover your lost funds through your bank, then there are some things you should be aware of first. If you lost money by sending money to a scammer’s account then a contingent reimbursement model (CRM) is your best hope of recovery. In May 2019, half of banks in the UK agreed to abide by this new practice which is designed to allow victims who have lost money a fairer and more consistent remedy to recover their funds and banks can refund those who have followed certain obligations before and during the incident.
However, not all banks are involved with this scheme and the wording of the scheme’s small print gives the banks that have opted in plenty of reasons not to provide support for victims or attempt to recover their money. If you have lost money and have contacted your bank for help without success, then we recommend that you do a subject access request, which then gives you access to everything the bank has on file for you, which can also reveal internal information about your case.
However, at Wealth Recovery Solicitors, we can do this on your behalf if you instruct us to investigate your case. We do all the paperwork, tracing and investigations for you so that you don’t need to worry further.
How Wealth Recovery Solicitors Is Different
When you’re wondering how to get money back and you contact your bank, it’s important to know that the bank won’t do a trace to find out who scammed you. We find that, when clients look for how to get their money back, they try to hold the bank responsible for keeping them and their money protected. In most cases, the bank will likely have acted correctly and will reject the claim, and this is something that a lot of our clients say has happened. Clients may also have used services like Revolut, which don’t offer the same protections as other banks.
If your case has involved cryptocurrency, then we can follow the trail of the property and get funds back this way. This is something which can be applied worldwide and isn’t restricted by bank governance.
Unlike other wealth recovery solicitors, who will simply reach out to your bank on your behalf when they know that this is unlikely to result in the recovery of your funds, we will conduct every trace we can to find out where your money has gone. There are many different avenues we can take depending on your individual circumstances and case, whether perhaps cryptocurrency was involved, or if your case is applicable to court, and we will always handle this for you.
If you would like more information on how to get your money back, or to start your recovery process, contact our UK-based team of lawyers today.
