Bank scams are a growing concern for individuals and families across the UK. Fraudsters are becoming increasingly sophisticated, using tactics such as telephone impersonation, fake emails, and online banking fraud to deceive people into handing over sensitive information or transferring money.
The emotional and financial toll of falling victim to a scam can be devastating. That’s why it’s more important than ever to understand how these scams work, how to identify them, and, crucially, what steps you can take to protect yourself or recover if you’ve already been targeted.
To gain a deeper understanding of various bank scams, CEL Solicitors has written a range of guides focusing on specific scams targeting customers of Santander, Revolut, Monzo, Barclays, and Halifax. These guides provide valuable insights on how to identify, avoid, and recover from these schemes.
According to Santander UK, more than £2 million was lost to authorised push payment scams during the 2024 festive period alone. Meanwhile, UK Finance reported that over £570 million was stolen in payment fraud during the first half of 2024, which is a clear sign of the ongoing threat facing UK consumers.
How Do Bank Scams Work?
In the context of banking, fraud and scams usually involve criminals impersonating banks, government agencies or other trusted organisations to gain access to your money or personal data. These scams often rely on creating a false sense of urgency, which pressures the victim into acting without thinking.
Tactics include fake phone calls, deceptive emails and texts, and convincing copies of real banking websites. Once the scammers have the information they need, they can steal money directly from your account or use your identity for further fraud.
The Different Types of Bank Scams
Understanding the various forms of scams can help you avoid becoming a target. Here are the most common types:
Phishing Scams
Phishing involves scammers sending fake emails that appear to come from a legitimate source, such as your bank. These messages often include a link to a fake website where victims are asked to enter their login details or personal information.
Vishing (Voice Phishing)
Vishing is when a scammer calls you pretending to be from your bank. They may claim there’s an urgent issue with your account, and ask for your security information, passwords, or even prompt you to move your money to a “safe account”.
Smishing (SMS Phishing)
Smishing uses text messages instead of emails. These texts may include a link to a fraudulent site or ask you to call a number that connects you to the scammer, all under the guise of a bank alert or transaction verification.
Bank Impersonation Scams
Scammers create fake websites that mimic legitimate banking portals. Unsuspecting users then enter their details, thinking they are logging into their real bank account. One CEL Solicitors client had £5,200 stolen in a Santander bank impersonation scam.
Card Skimming and Cloning
Card skimming involves hidden devices on ATMs or payment terminals that capture card details. Criminals then clone these cards to make unauthorised transactions.
Fake Charity Scams
During a crisis or major event, scammers may pose as charities and ask for donations. These appeals can be very convincing, using emotional language and official-looking branding to deceive people.
How to Protect Yourself from Banking Scams
We understand how frustrating and distressing it can be to deal with scammers. At CEL Solicitors, we’re committed to empowering you with the right information and tools to stay safe.
Set Secure Passwords
Use strong, unique passwords for your online banking and other financial accounts. Consider using a password manager to securely store and manage your credentials.
Download Mobile Banking Apps from Secure Platforms
Only download apps from trusted platforms like the Google Play Store or Apple App Store. Avoid third-party websites that might host counterfeit versions.
Avoid Using Unsecured Wi-Fi Networks
Public Wi-Fi is often targeted by cybercriminals. Avoid conducting financial transactions over unsecured networks. If necessary, use a virtual private network (VPN).
For more tips, read our guide on How to Spot a Scam and Protect Yourself.
How to Recover from a Bank Scam
If you suspect you’ve fallen victim to a scam, acting quickly is crucial:
- Contact your bank immediately to report the fraud.
- Request a chargeback or reversal of any unauthorised transactions.
- Monitor your accounts for any further suspicious activity.
- Report the scam to Action Fraud and the Financial Conduct Authority (FCA) ScamSmart.
For further advice on next steps, visit How to Recover from a Financial Scam.
If you’ve lost money, CEL Solicitors can help you pursue a claim to recover your funds. We have experience dealing with a wide range of banking scams and a strong track record of success.
Protect Yourself with CEL Solicitors
At CEL Solicitors, we understand the distress and frustration that comes with financial fraud. You might feel angry, embarrassed or unsure of what to do next. But we’re here to help. Our expert team has supported countless individuals through this very situation, helping them to recover both their money and their peace of mind.
We work on a no-win, no-fee basis, which means you won’t pay a penny unless your case is successful, and you’ve received your compensation. We believe everyone deserves justice, regardless of their circumstances, and we’re relentless in our fight to secure it for you.
You do not have to go through this alone. Reach out today for clear, compassionate advice and dedicated support.
Call us on 0330 057 2286 or submit your details to take the first step towards recovery.
