A convincing investment scam can involve professional-looking websites, regular calls and an account that appears to show a growing balance. The problem often becomes clear when you try to withdraw money and are asked for another payment. If this has happened, focus first on stopping further transfers and reporting the loss.
Your options depend on how the money moved. A UK bank transfer, a card payment and a cryptocurrency transaction do not all carry the same protections. Our legal team can help you organise the payment history and assess possible recovery routes without assuming that every investment loss qualifies for reimbursement.
Contact your bank as soon as you suspect a scam
Use your bank’s official app or a telephone number you independently verify. Explain that you believe you were deceived into making an investment payment. Provide the dates, amounts and recipient details, and ask the bank to take steps to protect your account and attempt recovery.
Do not wait until you have assembled a perfect evidence bundle. A prompt report and a fuller written account can be separate steps. Keep the bank’s reference number and a record of the advice you receive. The Payment Systems Regulator advises victims to contact their payment provider first.
What is an authorised push payment scam?
An authorised push payment scam involves someone being deceived into making a transfer. The fact that you entered the payment details does not, on its own, answer the question of reimbursement. Fraudsters may persuade victims that the recipient is an investment provider or that transferring funds is necessary to secure an opportunity.
Keep this distinct from a transaction made without your authority or an investment that genuinely existed but performed badly. The bank needs an accurate explanation of the deception and the transfer route. Avoid guessing what happened to money after it left your account if you do not have the records.
Does the reimbursement scheme cover every investment scam?
No. The mandatory Faster Payments reimbursement rules began on 7 October 2024, with a maximum of £85,000 per eligible claim. Eligibility, exceptions and the payment route still matter. The PSR policy statement sets out the limit and start date.
Do not treat that limit as a promise that the bank must refund any loss below it. Equally, a payment falling outside that particular scheme does not necessarily mean no complaint or other recovery route exists. Ask the provider which rules it has applied and why.
What if the scam involved a cryptocurrency exchange?
Map the transfers carefully. Money may have moved from your bank to an exchange account in your own name and then, after conversion, to a wallet controlled by the fraudster. That sequence is different from a direct bank transfer to a fraudulent recipient.
A blockchain transaction record can help explain movement of assets, but tracing does not itself identify a recoverable defendant or compel a refund. The Financial Ombudsman Service discusses investment and cryptocurrency scams as part of its wider guidance. A case-specific assessment should consider the separate roles of the bank, exchange and recipient.
Which records should you preserve?
Create a chronological file rather than forwarding hundreds of unexplained screenshots. The aim is to show what you were told, why you believed it and what happened next.
- Keep statements identifying each transfer, date, amount and destination.
- Save messages, emails and the website addresses used by the supposed investment provider.
- Retain screenshots of advertised returns, withdrawal requests and demands for extra fees.
- Keep exchange statements, wallet addresses and transaction identifiers where relevant.
- Record warnings shown by your bank and how the fraudster explained them.
- Keep your fraud report reference and the bank’s written responses.
Do not share passwords, one-time banking codes or wallet recovery phrases with someone offering to help. Legitimate evidence review does not require control of your accounts.
What can you do if the bank refuses a refund?
Ask for the reasons in writing and use the bank’s complaints process. Address the actual grounds given, including any disputed account of a warning or payment. If you remain dissatisfied, the Financial Ombudsman Service may be able to consider the complaint. Its guidance for people tricked into making payments explains the process and evidence it considers.
You can complain to the bank and Ombudsman yourself without paying a solicitor. Check the referral deadline in the final response rather than leaving the matter indefinitely. Legal help may be useful for a complicated payment chain, a substantial loss or a separate civil recovery question.
Consider the cost and risks before paying for recovery work
Ask what the proposed work can realistically achieve. Advice on a bank complaint, asset tracing and litigation are different services with different costs. An assessment should identify the likely defendant, available evidence and practical recovery prospects before expensive steps are taken.
Be cautious if someone guarantees recovery or says a further tax, release charge or cryptocurrency deposit will unlock your funds. A second demand can be part of the original fraud or a new recovery scam.
Discuss an investment scam loss with our legal team
Our crypto fraud recovery team can discuss the payment trail and potential legal options. Call 0330 900 0377 or email info@pembridgesolicitors.co.uk. Arrange a call or an office appointment at Calderwood House, Montpellier Parade, Cheltenham GL50 1UA. Contact your bank immediately rather than waiting for a legal appointment.
Information checked on 17 September 2026. This article provides general information; advice depends on your individual circumstances.
