Fraud and Scam Protection Guide

Introduction

If you believe you have been a victim of fraud or a scam, immediately contact your bank or money provider to report the issue and potentially stop the transaction.

This guide explains how lenders may have failed in their responsibilities, the warning signs they should have noticed, and how you can take action to seek compensation.

Do I Have a Claim?

Common Failures by Lenders

Lenders are expected to monitor and secure customer accounts. However, common failures include:

• Failing to flag unusual or suspicious transactions.
• Not properly verifying recipients of large or unexpected payments.
• Ignoring customer alerts or complaints about potential scams.
• Allowing fraudulent accounts to be set up using stolen identities.
• Neglecting to educate customers about common fraud risks.

Warning Signs Lenders Should Have Noticed

Financial institutions have tools to identify suspicious activities. They should have acted if they noticed:

• Unusual account activity, such as large withdrawals or transfers out of character for the customer.
• Payments to unverified or high-risk accounts.
• Repeated failed login attempts or changes to account details.
• Customer reports of being pressured or coerced to make payments.

How Do I Claim?

How to Complain to Your Lender

If you believe your lender failed to protect you, follow these steps:

1. Document the incident: Gather transaction details, correspondence with the lender, and any communications with the scammer.
2. Contact your lender: File a formal complaint, using a clear subject line like "Failure to Protect Against Fraud." Outline:
   • The fraudulent activity and its financial impact.
   • Why you believe the lender failed to act appropriately.
3. Allow time for a response: Lenders have up to 8 weeks to investigate and reply.

Escalate to the Ombudsman

If the lender does not resolve your complaint, escalate it to the Financial Ombudsman Service. File your complaint online using the Ombudsman’s form.

Tips for Strengthening Your Case

To improve your chances of a successful claim:

• Keep all communications polite and factual.
• Provide as much detail and evidence as possible.
• Seek support from consumer protection organizations if needed.