Push button investment scam ny bank transfer

Mumof3littleloves

Hi, I'm new so if this question shower moved to a preexisting post I'm sorry for starting a new one!

My uncle (due to retire within 5 years) was scammed into buying investments in gold (roughly 60k) and he paid it by bank transfer (natwest) but the receiving account was one in Colombia. I have previously read/heard about push button scams and banks now will give you your money back if the circumstances in each individual claim fitting the criteria. 

I am wondering if my uncle can register the scam he's been a victim of (and I think his age group will be vulnerable to be happy to increasing their pension pot) even though the scammers account is Colombian?

Any advice/experiences or sign posting would be much appreciated!

Thanks 

TheBanker

I think you mean Authorised Push Payments - a fraud where the customer is tricked into sending money to a criminal.

The main UK Banks have signed up for something called the Contingent Reimbursement Model which does entitle customers to a refund under certain circumstances. Unfortunately for your uncle, this entitlement only covers UK payments.

Your uncle should still report the fraud to Natwest. They may be able to recover some money although this is unlikely given where it went to. And they may consider reimbursing all or part of his loss if they failed to identify and warn him of the potential scam. Ultimately if he's unhappy he can complain to the Financial Ombudsman Service - but he has no 'automatic' right to a refund and quite limited protection given the payment's not covered by the CRM. 

Please warn your uncle that he is likely to be contacted by people (who may claim to be the police or a financial regulator), offering to recover his loss in exchange for payment of a fee. He should ignore these approaches because they will be the same scammers, trying to exploit him again to get more of his money. It's very common for scam victims to be targeted again as the scammers know they're vulnerable. 

km1500

Did he pay it into an actual overseas bank, or to a UK sort code and account number that was subsequently ttansferrred abroad ?

Eyeful

Warn your he uncle he is now likely on what's called a "suckers list". Criminals will contact him to
(a) try sell him other worthless investments.
(b) say they are: the police, financial regulator, a company , a lawyer or even his bank.  Claiming to able to recover the money for him. Of course they will need money  "up front"  in the form of fees, taxes etc before they can proceed to help him.

These approaches will just be attempts to extract more money from him. 

The following may be of interest:
https://www.bbc.co.uk/iplayer/episode/m00183lz/dirty-rotten-scammers-series-1-episode-1

wmb194

But why did buying gold from Columbia seem like a good idea?