Do Banks Refund Scammed Money?

When people lose money to scammers, one of the first questions they ask is “do banks refund scammed money?” The short answer: sometimes yes, sometimes no – it depends on the type of fraud, how quickly you act, and the bank’s policies. In this guide, we explain how banks handle scam refunds, how long it takes, and what to do if you lost funds to a broker, forex platform, or crypto scam.

Learn More

Do Banks Refund Scammed Money?

Banks are legally required to investigate disputed transactions. If you were tricked into sending money, you can file a dispute or chargeback. Many countries, including the UK, follow strict consumer protection rules. That’s why people often search for “do banks refund scammed money UK” – because UK banks must follow the Contingent Reimbursement Model Code.
The sooner you report the scam, the higher the chance of recovery. If you wait weeks or months, the scammer’s account is usually empty, and the bank can’t pull the money back.

About Us

How Long Do Banks Refund Scammed Money?

A common question is “how long do banks refund scammed money?” In most cases, banks have 15–30 business days to investigate a claim. Some chargebacks can take up to 60 or even 90 days if the transaction involved international transfers, forex brokers, or crypto exchanges.
If the bank decides in your favor, the money is credited back to your account. If they reject your claim, you can escalate it to the financial ombudsman or hire a recovery service specializing in broker and crypto scam disputes.

Scammed by a Broker or Forex Platform?

Online trading scams are on the rise. Many victims look for help with phrases like “broker scam refund” or “forex scam money back.” If you deposited money with a shady broker and cannot withdraw it, act fast:
1. Contact your bank and request a chargeback
2. Provide all proof: emails, platform screenshots, chat logs
3. Ask for a Section 75 refund (UK) or equivalent legal protection
The faster you involve your bank, the better your chances of recovering funds before the broker disappears.

Crypto Scams – Are Refunds Possible?

Crypto transactions are different. Once a payment is confirmed on the blockchain, it is irreversible. However, some banks still investigate cases where fiat money was used to buy crypto through an exchange. If you used your debit or credit card, a chargeback is possible, but you must show evidence that the transaction was fraudulent or unauthorized.

Practical Tips to Increase Refund Chances

1. Act Immediately: Report the scam to your bank within 24–48 hours.
2. File a Police Report: This strengthens your claim and proves you were a victim.
3. Contact Financial Ombudsman (UK): If the bank refuses a refund, escalate the case.
4. Use Recovery Services: Some firms specialize in chargeback assistance for forex and crypto scams.
5. Stay Alert: Avoid sending money to unknown brokers or Telegram “investment gurus.”

Get your place

Key Takeaways

1. Do banks refund scammed money? Yes, but only if you act quickly and the transaction qualifies.
2. How long do banks refund scammed money? Usually within 15–30 business days, longer for complex cases.
3. Victims of broker scams, forex scams, or crypto scams should request a chargeback as soon as possible.
4. In the UK, rules are consumer-friendly – searching “do banks refund scammed money UK” can give you official FCA guidelines.

Learn More

Flexible Private Office

Fully Custom Space

Getting scammed is stressful, but acting fast can make the difference between a total loss and getting your money back.

Membership Package

Dedicated Office Package

Check Pricing