Step 1: Stop All Communication
If you suspect you have been scammed, immediately cease all contact with the suspected scammer. Do not send any further funds, even if they claim you need to pay a "fee" or "tax" to release your money. This is a common tactic to extract additional payments.
Block their phone numbers, email addresses, and social media accounts. Document everything — take screenshots of conversations, save emails, and note transaction details.
Step 2: Contact Your Bank Immediately
Speed is critical. Contact your bank''s fraud department as soon as possible. They may be able to:
• Freeze the transaction if it has not yet been fully processed.
• Initiate a chargeback if you paid by debit or credit card.
• Pursue recovery under the CRM Code — the Contingent Reimbursement Model, which many major banks have signed, may entitle you to a refund for authorised push payment (APP) fraud.
From October 2024, new PSR rules require banks to reimburse APP fraud victims up to £85,000 within five business days, with some exceptions.
Step 3: Report to the Authorities
Action Fraud: The UK''s national reporting centre for fraud. Report online at actionfraud.police.uk or call 0300 123 2040. Your report generates a crime reference number and is shared with the National Fraud Intelligence Bureau.
FCA: Report unauthorised firms at fca.org.uk/consumers/report-scam-unauthorised-firm. This helps the FCA add firms to its warning list and take enforcement action.
Companies House: If the scam firm claimed to be a UK company, you can report concerns at find-and-update.company-information.service.gov.uk.
Step 4: Gather Evidence
Compile all evidence systematically:
• Screenshots of the platform, communications, and promises made
• Bank statements showing deposits
• Email correspondence
• Website URLs and screenshots (use the Wayback Machine if the site disappears)
• Any identification documents you were asked to provide
Warning: Recovery Scams
One of the cruellest aspects of investment fraud is the recovery scam. After losing money, victims often receive calls from firms claiming they can recover their funds — for an upfront fee. These are almost always secondary scams.
Legitimate recovery options include your bank, Action Fraud, the Financial Ombudsman Service (for complaints against FCA-regulated firms), and qualified solicitors. None of these will cold-call you or ask for upfront payment.
Realistic Recovery Expectations
It is important to set realistic expectations. Recovery rates for investment fraud are low, particularly for cryptocurrency and international bank transfers. However, acting quickly and using proper channels gives you the best chance.
Risk Disclosure: Trading and investing carries significant risk. This is information only, not financial advice. Seek independent advice before investing.
Frequently Asked Questions
Can I get my money back from a crypto scam?
Recovery of cryptocurrency is extremely difficult due to the irreversible nature of blockchain transactions. Your best chance is through your bank if you paid by bank transfer or card. Some law enforcement agencies have specialist crypto tracing capabilities.
Are recovery firms legitimate?
The vast majority of firms cold-calling scam victims to offer recovery services are themselves scams. Do not pay upfront fees to any recovery firm. Use official channels: your bank, Action Fraud, and the Financial Ombudsman.
How long does the recovery process take?
Bank chargebacks can take 45-120 days. Action Fraud investigations can take months. CRM Code refunds should be processed within 15 business days of your claim (5 days under new 2024 rules). Complex cases take longer.
Should I hire a solicitor?
For large losses, a solicitor specialising in financial fraud may be able to help, particularly if the scam involved an FCA-regulated firm or a UK-based company. Many offer free initial consultations. Be wary of firms that only take payment upfront.
Will the police investigate my case?
Action Fraud passes reports to the National Fraud Intelligence Bureau, which prioritises cases based on severity and likelihood of prosecution. Individual cases below certain thresholds may not receive a dedicated investigation, but your report contributes to intelligence.
How do I protect myself from future scams?
Always verify firms on the FCA register, never respond to cold calls about investments, be sceptical of guaranteed returns, and never send money to someone you have only met online. If in doubt, seek independent financial advice.
