'I had £20,000 stolen and had to fight a 13-month fraud reporting rule to get it back'
Summary
A woman named Sarah had £20,000 stolen through an investment scam but discovered it 17 months later. Although her bank initially refused to refund most of her money due to a 13-month reporting rule, after media attention, they fully reimbursed her. Officials are now asking for a review of the 13-month time limit to better protect scam victims.Key Facts
- Sarah’s £20,000 was taken in a complex investment fraud.
- She found out about the scam 17 months after transferring the money.
- Banks have a rule requiring scam reports within 13 months to get full refunds.
- Lloyds bank first offered only £1,000 back, citing the 13-month rule.
- After BBC investigation, Lloyds refunded her the remaining £19,000.
- National Trading Standards wants the 13-month rule reviewed or removed.
- The rule starts from the date of last payment, not the date the scam is discovered.
- The rule is part of a law introduced in October 2024 to protect victims of "push payment scams," where people are tricked into sending money themselves.
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