What to do if you have been the victim of bank or credit card takeover fraud
Reporting takeover fraud to the police
If you have lost money as a result of the scam, you must report it to the police as a crime as soon as possible.
If you have been the victim of an attempted takeover scam, you should contact Action Fraud. Action Fraud is the national fraud reporting service and also offers a variety of resources to help victims of cybercrime to deal with the impact.
Getting your money back from takeover fraud criminals
If someone is convicted of a cybercrime against you, the court may order them to pay you compensation. Where the authorities are not interested in pursuing compensation, or where you do not want to make a criminal case, we can assist with a private prosecution.
However, many factors will determine whether this is possible and how successful you are likely to be. First and foremost, the scammer has to be caught and, sadly, that is rarely the case.
Whether you will get your money back also depends on how many people suffered (the total number of claimants) and whether money is available for compensation.
If you’d like to find out more about whether you can seek reimbursement from a cybercriminal, contact us today.
Seeking repayment of lost funds from your bank or credit card company
Historically, banks and other organisations have avoided paying takeover fraud compensation to victims. For example, a customer of the Royal Bank of Scotland (RBS) had more than £4,300 stolen from her account despite the fraudulent caller answering one of her security questions incorrectly.
Despite warnings raised by the bank’s own security processes, the transaction was approved by RBS in a decision which it refused to reverse until a BBC investigation highlighted its failings.
However, if you have been the victim of a takeover fraud and need help getting your money back, there is some good news. The Financial Conduct Authority (the regulator for 58000 financial services firms) has now introduced stronger protections to help victims of takeover scams and other financial fraud to secure compensation.
What this means is that you can be confident that any claim for reimbursement will be given fairer and quicker consideration. And that your bank (or another financial provider) can only refuse to reimburse stolen funds where you have shown a very significant degree of carelessness. In many takeover scams, customers are not even involved.
Where a bank still refuses compensation, you can take your case to the Financial Ombudsman service
Crucially, the Ombudsman has told banks that they should not automatically blame the victims of increasingly sophisticated scams and they must take a fairer approach to compensation. So, the Ombudsman will look for clear evidence that the bank has properly investigated your claim for compensation.
If you want to claim compensation following a takeover scam, Hayes Connor can help. Our professional, friendly team will be pleased to answer any questions you might have and advise you on whether you have a valid claim.
Making a bank/credit card takeover fraud claim
Are you owed compensation for takeover fraud from your bank or credit card company?
Organisations that hold your personal information have a legal duty to keep it safe. But all too often cyber-criminals get access to your data because the necessary security processes are not in place. If you have become the victim of takeover fraud because of the negligence of others, you may be able to claim compensation from the organisation responsible.
However, to claim compensation, you must be able to prove that the bank or financial institution bears some fault or responsibility which has caused you to suffer as a result of the scam. This suffering includes financial harm, as well as anguish and anxiety.
What do you need to start a claim?
We can only help you to make a claim for compensation where it has been established that some fault or negligence lies with the bank or financial institution. For example, in the way they have secured your account and payment processes.
Should a bank or credit card takeover scam be successful, liability will depend on the measures in place to keep you and your data safe; and whether these measures were upheld. In many cases, these scams are able to occur due to inadequate processes and human error, leaving victims open to the threat of theft.
Our professional, friendly team will be pleased to answer any questions you might have and advise you on whether you have a valid claim.
How to start a bank or credit card take over fraud compensation claim
Once you contact our team and we establish that you have grounds for compensation, we will take care of the whole claims process for you.
Our team will contact your bank or credit card provider on your behalf and, where we believe you were let down by their security processes, we will work tirelessly to get you the compensation you deserve.
To get the claims process started, you can use our simple and secure online claim form to share the details of your situation and we will get back to you shortly to let you know whether we can help.
To speak to a member of our team now about what to do if you have suffered bank or credit card takeover fraud, please call us on 0151 363 5895.
What can you claim for following bank or credit card takeover fraud?
Financial losses
A takeover scam often involves both financial and/or identity fraud. And the result of either of these can be devastating. With enough information, cybercriminals can apply for credit in your name, set up fraudulent bank accounts and access your existing accounts.
Distress, anguish and anxiety
Even if you haven’t lost out financially after a bank or credit card scam, this doesn’t mean that there is “no harm done.” A personal data breach is a 21st-century version of being burgled. If a criminal came into your home and stole your private information, you would be distressed. So why should you feel any less upset at having your personal data taken?
Being the victim of a crime can have a significant impact on you mentally and physically. Of course, everyone reacts differently, but for some people, the effects can include a lack of sleep, feeling ill, unsettled or confused. Stress can also affect your friends, your family and your job. So being told to just “get over it” isn’t helpful.
Loss of privacy
You do not have to have experienced harm as a direct result of a data breach and subsequent scam. If a company does not protect your data in the way it is legally obliged to do, and you have suffered a loss of privacy, you can make a claim. For example, if your email address was stolen or otherwise put at risk.
Start your bank or credit card takeover fraud claim today
At Hayes Connor Solicitors we help you to claim compensation and steer you through the aftermath of a bank or credit card scam – minimising the impact on you as much as possible.
With strict time limits in place for making data theft claims, it’s important to act now.
