Like any form of fraud, social engineering can be used to elicit money from people. But what is it?

A bank transfer scam is where you’ve been tricked into sending money from your own bank account to a scammer.

Just because you sent the money yourself, it doesn’t necessarily mean that the money is lost or that the bank isn’t liable for the loss. Banks have signed up to regulations, such as the Contingent Reimbursement Model Code, that set out where they need to refund fraud victims.

In 2020, people in the UK lost over £135 million to investment fraud and scams, and only a very small amount of the money lost was ever refunded. At Refundee, we think this is wrong.

What is Authorised Push Payment Fraud?

You might have heard this term bandied about in the media. It is the largest growing type of fraud, where fraudsters trick their victim into sending money from their bank account to one controlled by the criminal.