Seven common scams to watch out for, and how you can claim your money back
CEL Solicitors, a law firm specialising in fraud, lists seven types of APP fraud you need to know. Plus, if you’re a victim, it explains how you can claim back your money.
The company, which is rated excellent on Trustpilot, has helped victims of fraud recover over £100 million – and it believes falling for a scam isn’t shameful or embarrassing.
What is APP fraud?
APP fraud is when someone is conned into making a payment to a criminal posing as a genuine payee.
2. Investment scam
Under this method, the scammer will convince the victim to part with their cash to earn market-beating returns through their investment strategy.
These scams may entice their victims to invest in things like cryptocurrencies, forex, binary options, gold, property, carbon credits, land, banks and wine.
Investment scams can be highly lucrative for fraudsters too. In one case, CEL Solicitors helped a man claim back nearly £294,000 after he started investing with a company called 7XFX.
When he realised that he had been scammed, the man tried to flag it to his current account provider Revolut. It failed to retrieve his funds and, once he contacted CEL Solicitors, he managed to claim the bulk of his money.
4. Advanced fee scam
Like a purchase scam, victims of an advanced fee scam are conned into believing that they’re receiving a high value item for a good price.
The difference is that the target is told to pay a small fee to release the good or service. Of course, the promised goods are never released, and the scammer walks away with the cash.
Of the advanced fee scams reported last year, the average victim lost just over £1,300.
7. Impersonation scam
Impersonation scams aren’t just limited to fraudsters claiming to be CEOs. Sometimes scammers claim to be from trustworthy organisations such as the HMRC, Police, or your bank.
Depending on the scam the end goal could vary. Some convince their victim to pay a fictitious fine, pay overdue tax or return an erroneous refund.
How to claim your money back if you’ve been scammed
If you’ve previously been the victim of a scam, immediately flag it with your banking provider. Under consumer protection regulations, it has a duty to protect your money and it could reimburse your losses.
If your banking provider fails to help your case, then consider getting in touch with CEL Solicitors instead.
If the law firm believes more could have been done to detect and prevent the fraud it brings no win, no fee claims against the banks and payment providers including escalating your case to the Financial Ombudsman Service (FOS). It’s a trusted brand with a strong reputation for winning money back for its clients.