Here are some salutary stats on Bank fraud:

  • 70% of victims are told it is their fault, excuses being out-of-date antivirus
  • Instead Banks are referring victims to Action Fraud, set up in 2011 and run by the City of London police
  • 80% of all cases referred to Action Fraud are binned
  • Only 1% of cases actually referred to the police are investigated.
  • Insiders say cases are automatically thrown out if the money has been sent to an overseas account because it's 'harder to trace'

In short, the authorities including the police are overwhelmed and quite rightly victims are feeling abandoned. 

Meanwhile banking fraud is growing at an alarming 72% per year. 

Banks must cover the loss unless they can prove the client was "grossly negligent" but clearly the stats above show this is being exploited. 

I can understand the Banks wanting to send a clear message for clients to take good care of their security but clearly something is amiss here. 

The overwhelming incidence of fraud cases are simply ignored and they cannot all involve "gross negligence"

If you are victim of significant fraud the question is, what can be done to recover the funds?

Well I would urge you to consider a private prosecution where the odds of recovery are significantly enhanced in your favour. 

Lawyers such as myself have a full arsenal of options available to us which can result in a successful outcome even if the money has been moved abroad, which is fairly standard procedure in truth. 

One last point. Prevention is clearly your best defence so my final advice is to get up to speed on the latest scams. I cover these in my blogs both here and on my LinkedIn