Victims of bank transfer fraud are being blocked from claiming refunds because police will not share findings with them, Telegraph Money has found.
Unwitting consumers, tricked into authorising money transfers in the belief that they were paying for legitimate goods or services, lost £145m in the first six months of the year, according to the banking trade body. However, only £1 in every stolen £5 was returned.
Support from the police is vital to victims’ hopes of getting their money back, which happens either by convincing the criminal’s bank to pay up or winning compensation following a successful prosecution. Yet fraud recovery experts say police forces often refuse to help.