Bank wont refund stolen money australia

Contact your bank or building society straight away if you're worried someone might have access to your account. For example, if your:

• card or security details have been lost or stolen
• statement shows payments you don't recognise
• card has reached its limit or account has gone into overdraft - and you weren't expecting it

Check your bank statement or the bank's website for the phone number to call for reporting security issues - or go to their branch in person.

If you haven't had money taken from your account, your bank or building society will still take action to protect your account, for example by cancelling your card or changing your security details.

If money has been taken from your account

This is known as fraud and is illegal.

When you contact your bank, they'll take action straight away to protect your account so no more money can be taken. For example, they might cancel your cards or cheque book and send you a replacement.

You should also report the crime to the police through Action Fraud. They'll log it and give you a crime reference number.

If you've received a scam email, text or phone call you can report a scam. 

If someone used your name to open new accounts, get credit or buy services

This is called 'identity theft'. If you start getting bank letters, bills or letters from debt collectors that you know nothing about, this might have happened to you.

You should contact your bank straight away and let them know. Keep a record of all conversations you have with the bank and copies of letters to do with the fraud. The bank will investigate, take action to protect your accounts and refer the crime to the police.

If you think someone has applied for credit in your name, for example because you've had letters about loans or credit cards you didn't apply for, you should also contact the main credit reference agencies. Explain you've been a victim of identity theft and ask them what credit accounts or services are on your file. Tell them which ones you didn't apply for and ask for the information to be removed.

The credit reference agency will contact those companies listed on your file to sort out the accounts that were wrongly opened in your name.

You should contact all 3 agencies as each one might only have part of your file. You can contact the following:

You can also ask the credit reference agency to add a password to your file - this is called a ‘notice of correction’ password. The credit reference agency will ask you for the password if you apply for credit.

If you think someone has got your details by stealing your post, or by getting mail redirected, contact the Royal Mail Customer Enquiry Number on 03457 740 740.

Getting your money back

Your bank should refund any money stolen from you as a result of fraud and identity theft. They should do this as soon as possible - ideally by the end of the next working day after you report the problem.

The bank can refuse to refund you if they find you acted fraudulently or were ‘grossly negligent’ - for example, if you shared your pin or password with someone else.

If the bank won't refund your money, you'll only be able to get it back by taking the person who stole it to court.

If you sent money to a scammer

It might be harder to get your money back if you sent money to someone because of a scam - for example, if you paid a fake invoice or bill. This type of scam is known as an ‘authorised push payment’.

Most banks have signed a voluntary agreement to refund you if you’re in this situation. You’ll have to show:

• you followed any security warnings from you bank

• you believed the transaction was genuine

• you weren’t being careless when you made the payment

If you’re worried you were being careless because you fell for a scam, it’s still worth asking your bank for a refund.

If you’re not happy with the response

If you’re not happy with how your bank or credit card provider dealt with the fraud, you should make a complaint.

If you’re still not happy, you can complain to the Financial Ombudsman on their website.

Protecting your money

There are things you can do to limit the risk of becoming a victim of fraud. Check your bank or building society's website for advice on how you can make your account more secure.

I am in a battle to get TSB to refund more than £1,000 taken from my account by thieves, and I need some help. Two weeks ago I realised that several unknown debits had appeared on my current account over a two-day period. I immediately rang the TSB fraud helpline. While I was waiting on hold for three hours, I unilaterally cancelled my card, to be on the safe side.

The bank has refunded a £3 payment to Travelodge and a £35 Just Eat order, but it has refused to refund 22 transactions at various betting sites including Bet365, Unibet, Betfair, Trannel International and Sky Bet – all for sums of between £30 and £40. I have never used any of these sites except Sky Bet, where I do hold an account.

The bank’s staff immediately refunded the £3 and meal charges as “they could be seen to be fraudulent”, but refused the others because they were deemed to be “gambling”. I was told to investigate myself and that TSB could not assist me in doing so. Many of these companies are offshore in Malta and elsewhere and I’m at a loss where to start.

I don’t understand why the bank is making this distinction given that it accepts that my card has been compromised. The Financial Conduct Authority regulations clearly state that “if you didn’t authorise a payment, you can claim a refund”. The disputed entries have since been changed so I can no longer see which vendors were even involved.
SG, Southampton

Last month an expert on fraud told me that TSB has the best record of the banks for refunding victims of fraud. Your case was all the more surprising given that it clearly accepted that you had been the victim of fraud, but declined to refund the sums spent on gambling sites. Clearly the thief was spending small sums to prevent any security flags being raised. You did the right thing in cancelling the card, and this probably saved you from further losses.

I raised your case with TSB, and it now accepts that you did not authorise these payments. It has refunded you in full. It did so having looked into the “additional information provided by you and the betting companies”. The bank has also offered £100 compensation.

We welcome letters but cannot answer individually. Email us at [email protected] or write to Consumer Champions, Money, the Guardian, 90 York Way, London N1 9GU. Please include a daytime phone number. Submission and publication of all letters is subject to our terms and conditions.

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