Bank fraud and scams

Have you been a victim of bank fraud? We’re here for you. Our expert team specialises in recovering funds lost from scams, giving you the support and legal guidance you need, when you need it.

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Understanding bank fraud

What is bank fraud?

Banks are meant to be among the most secure entities, however there are many types of bank fraud and scams that people can fall victim to. Bank fraud happens when scammers trick you into handing over money. It comes in many forms and scammers are getting smarter, using fake accounts, false identities, and other sneaky tactics to access your funds.

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    Types of Bank Fraud

    Bank fraud can take several forms, from scammers impersonating a victims bank, identity theft, phishing, accounting fraud and authorised payment fraud.

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    False accounts

    Creation of false accounts is one of the most common methods criminals employ in bank fraud scams. For victims this can mean bank records manipulated, card or accounts details stolen and personal financial information exposed.

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    Impact

    Bank fraud is a huge problem for banks and it can have a lasting impact on customers. Institutions are taking steps to protect against bank fraud, however, many will not help customers once they find out they have been the victim of a banking scam.

Types of bank fraud

Types of bank fraud

Bank transfer scams

Fraudsters trick people into sending money to their accounts, often by pretending to be from a bank, the police, or a trusted company. They create a sense of urgency, making you act quickly before realising it's a scam.

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Debit card fraud

Criminals can steal debit card details using skimming devices, phishing emails, or data breaches. Once they have your information, they can make unauthorised purchases or withdraw money from your account.

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Accounting fraud

This type of fraud involves manipulating financial records to hide debts, inflate profits, or deceive stakeholders. Businesses and individuals can both fall victim, often suffering serious financial consequences.

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Cheque kiting

This scam targets you during the time it takes for a cheque to clear. Fraudsters write a cheque from one account to another without enough funds—withdrawing money before the bank realises the cheque will bounce.

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New account fraud

Scammers use stolen or fake identities to open bank accounts. They might do this to commit further fraud, such as taking out loans or making unauthorised transactions. Usually, this means victims are left with expensive debts or a damaged credit history.

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How can WRS help you with bank fraud?

Recovering over £45,000,000 for clients like you

If you believe that you have been a victim of bank fraud, get in touch with us to arrange a free consultation with our team of UK-based lawyers.

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    Personalised plans

    Get a bespoke recovery programme for personalised support and the most cost-effective plans.

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    Care around the clock

    Being a victim of fraud can be devastating. We offer expert guidance and support when you need it.

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    Regulated & reputable

    Get ethical, transparent and secure support from a SRA-regulated firm.

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Recovering over £45,000,000 for clients like you

Over the past 3 years, we’ve recovered more than £45,000,000 for our clients. It’s thanks to our team of solicitors and recovery claim specialists who trace and recover the investments you’ve lost from scams. Plus, we offer a no-win, no-fee service. You won’t pay a thing unless we recover your money.

Trusted by thousands

Join satisfied clients who’ve recovered their lost funds with WRS.

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Call on us for guidance and support

Falling victim to a bank fraud or scam can be overwhelming and distressing. You deserve expert guidance and support every step of the way. That’s what we’re here for.

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Frequently asked questions

  • Can bank fraud happen with online banking?

    Yes, bank fraud can happen online, but there are steps you can take to protect yourself. If someone gets hold of your bank details—whether through card theft, data breaches, or malware—they can make unauthorised payments. That’s why it’s important to freeze your card immediately if it’s lost, even if you think you’ve just misplaced it. If you find it later, you can always unfreeze it. 

    To reduce the risk of fraud, avoid online banking or shopping on public Wi-Fi, as hackers can intercept your data. Use strong, unique passwords for your accounts and regularly check your transactions for anything suspicious. Staying cautious with your online activity can help keep your money safe. 

  • How can I prevent bank fraud?

    Keep your card details safe, never share your PIN, and regularly check your transactions for any suspicious activity. Make sure your devices are updated with the latest cybersecurity software to reduce the risk of hackers stealing your information. 

    If someone contacts you claiming to be from your bank and asks for personal or financial details, don’t share anything. Banks won’t call or email you out of the blue asking for passwords or requesting you to move money. If you’re unsure, hang up and call your bank directly using the number on their official website. The same applies to emails—avoid clicking on links or attachments unless you’re absolutely sure they’re legitimate. 

  • Is my bank responsible if I lose money through bank fraud?

    Responsibility for bank fraud depends on the circumstances. Banks may be liable if security failures or data breaches expose customer information, though this is rare with major banks. 

    Usually, the responsibility falls on the customer. Using weak passwords, making transactions on public Wi-Fi, or being tricked into transferring money can put your cash at risk. Regardless of the situation, act fast. Contact your bank immediately, change your passwords, and if they won’t reimburse you, Wealth Recovery Solicitors can help. 

  • What are the most common types of bank fraud?

    One of the most common scams is bank transfer fraud, where criminals pose as trusted individuals to trick victims into transferring money. Scammers may use stolen personal data to make their requests seem more convincing. 

    Another rising scam is the “Hi Mum” text fraud, where fraudsters send messages pretending to be a loved one in urgent need of money. These emotional tactics can be highly manipulative, leading people to transfer large sums without questioning it. If something doesn’t feel right, always contact your bank before sending money—it’s better to be safe than scammed. 

  • What to do if I think I’m a victim of bank fraud?

    If you suspect bank fraud, act fast. First, contact your bank immediately—they may be able to stop the payment before it goes through. Even if the transaction is complete, they can investigate and advise on next steps. 

    Next, change your banking passwords to prevent further unauthorised access. You should also report the fraud to the authorities, as they may have relevant information on the scammers. 

    If your bank can’t recover the money, Wealth Recovery Solicitors can help. Our UK-based team specialises in fraud recovery and will fight to get your money back. 

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