If it’s too late for you and you’ve already transferred a sum of money into a financial scam (whether that’s a mis-sold pension or a full-blown case of fraud), there are a few things you can do to ensure that your finances aren’t hurt any more. Because, at this point, it’s all about damage limitation. 

Here’s what you do if you feel that you’ve been duped out of your money. We’ve split it out according to the way in which the money left your account.

You paid by bank transfer

Unfortunately, there is less protection in place for bank transfers than there are credit/debit card payments – it’s down to the protective measures of your bank. If you have been caught out and you transferred money, you must contact your bank immediately. They can try to recover your money.

You paid using your debit card

If you used your debit card, there’s a bigger chance of you retrieving your money. Major banks in the UK subscribe to what is called the chargeback scheme which makes it possible to retrieve debit card transactions (it also includes goods that cost less than £100).

Again, you will have to contact your bank as soon as you realise that you wrongly handed over your money.

You paid using your credit card

You’ll be pleased to hear that if you pay for goods or services with a credit card, you’ll have far more security and protective measures behind you. If things go wrong and you’re fooled into sending money from a credit card, you’ll be protected under section 75 of the Consumer Credit Act. You may also use the chargeback scheme.

In compliance with section 75 of the Consumer Credit Act, your credit card company is jointly and severally liable for any breach of contract or misrepresentation by the company. 

Signs that you’ve been targeted in a financial scam

While we can provide advice like the above, our main focus is to share preventative measures. You need to be able to spot the signs. With that in mind, we’ve collated a few signs that indicate you becoming a target (not just of pension mis-selling but financial fraud in general). Take a look.

  • You’re being rushed. Whether it’s a pension product or an ‘exciting new investment opportunity with sky-high returns’, if you feel that you’re being rushed then you may have become a target. Scammers use a sense of urgency like a weapon.
  • You’ve received an email/letter that contains noticeably bad grammar. Again, this could be correspondence from a rogue pensions adviser or an actual criminal – if it contains spelling and grammatical errors, it really should not be trusted. At legitimate companies, there will always be a proofreading process in place.
  • You feel that you have not been given enough information about something that is a big deal and will influence your future financial standing. If you think that you would be making an important decision without sufficient information, we recommend that you pull out of the transaction immediately.

For more tell-tale signs, take a look at our blog ‘Top Signs You’ve Been Mis-sold a Pension’.

Start a claim in just 30 seconds

Using our online form – which can be found anywhere on our website – you can start a claim in just 30 seconds. We can help to progress your claim and, ultimately, return you to the financial state that you held before. 

For more information, visit our blog section or call 0161 968 0768 to speak to one of our advisers.