Fraud victims of the bank often ask us "will HSBC refund scammed money?" The simple answer is maybe but you might have to fight for it. Depending on what happened, you may be able to get your money back where you lost funds to an APP fraud and often it can be a long winded process.
You can find out more in a free fraud victim consultation withRefundednow. You can also do your case yourself, by following our free fraud reclaim guide.
HSBC is one of the largest banks in the world, with a footprint globally. It is one of the biggest banks in the United Kingdom and is regulated by the Financial Conduct Authority.
The fraud figures for each bank have not been published publicly, so there is no exact figure on how many HSBC customers fall victim to fraud or how many are refunded.
However, recent publications from Which? in 2022 shows that while some banks resolve complaints early, the bank settled a tiny number of complaints early. This means that customers of HSBC who lose money to scams are unlikely to have their cases resolved quickly. Therefore you should be prepared for a long fight to get your money back when you've been a victim of a scam.
HSBC customers are losing their funds to authorised push payment fraud, or APP fraud. This is where you send funds from your bank account thinking it is for a legitimate purpose, but it turns out that the person that received the funds is a scammer.
Common types of APP scams include:
Sending a bill to the wrong account
Enticing but ultimately fraudulent investment scams
You think your bank is calling you
Paying for goods/services you never receive
Fraudsters usually start fake relationships online
We have provided full details of these types of scams on our website, where you can see specific examples of how these scams work. APP scams have grown massively in size in recent years, with fraud losses in 2021 topping £583.2 million in the UK and almost 200,000 cases being recorded. We believe this is probably well below the true figure.
If you lost your funds to a scam from your HSBC account, we could help you to get your money back from your bank. Often when you tell the bank, they will explain why they think you are responsible for the funds that were lost. With HSBC in particular, it has been shown that they