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“I sent money to a scammer. What should I do?”

Realising you’ve been tricked into sending money to a scammer can be incredibly distressing. Along with lots of emotions, your first thought is probably: will I get my money back? While recovering money lost to scams can be challenging, recent legislation is helping make sure victims of fraud are treated fairly and consistently.

What is authorised push payment fraud (or APP fraud)?

Authorised push payment fraud is what you might typically describe as a scam – when someone tricks you into giving them money by making a payment to them yourself.  

This could include anything from transferring someone money for gig tickets that never arrive, to buying something online that doesn’t really exist. 

What should I do if I think I’ve been scammed?

Think you’ve sent money to a scammer (or simply sent the wrong amount or selected the wrong recipient)? If you bank with Monzo, you can now undo the payment. The undo timer’s set to 15 seconds by default but you can change it to 10 seconds, 30 seconds or 60 seconds. Although this might sound quite quick, our research shows that three quarters of people who sent a wrong payment realise their mistake within 60 seconds.

If you miss your undo window, these are two important steps you should take immediately:

  • Step 1: contact your bank or payment provider:

This is the most crucial first step. The faster you speak to your bank, the better the chance they’ll have at freezing the transaction or tracing the money. You might be nervous about telling them what happened, because nobody wants to believe they’d hand over their hard-earned money ‘willingly’. But scammers are clever and convincing, so you shouldn’t feel embarrassed or ashamed. Remember, being honest with your bank about what happened puts them in the best possible position to help you. 

Try to provide them as many details as you can, including:

- The amount of money sent

- The date and time of the transaction

- The recipient’s name (if you know it)

- The account details you sent the money to (sort code and account number, or other identifying information)

- As much information as you can about what happened

  • Step 2: report the scam to the authorities

Report the incident to Action Fraud, the national centre for reporting fraud and cybercrime in the UK. You can do this online or by phone.

Although reporting might not mean you recover your money, it provides valuable information to the police that can help them disrupt scam operations. You’ll receive a crime reference number, which you might need for any insurance claims you make.

How Monzo reimburses victims of APP fraud

If you bank with Monzo and have an eligible APP fraud claim, we will:

  • Reimburse you within 5 business days (though for more complex cases, this can take up to 35 business days)

  • Reimburse you up to a maximum of £85,000.

  • If we reimburse you, we might not pay the first £100 of your claim. For example, for an eligible claim of £500 you’d get back £400. We’ll decide whether to apply an excess by reviewing your personal circumstances, including whether they affect your ability to protect yourself while making a payment.

What is and isn’t covered by these rules?

These rules apply if you have a:

  • Monzo personal account (including joint accounts)

  • Monzo business account where the business has annual turnover or balance sheet under €2 million (approximately £1.7 million) and fewer than 10 employees

Some things aren’t covered, like:

  • Card transactions you made in person

  • Payments you made by cash, cheque, debit or credit card 

  • Payments you made to international accounts (or wallets), credit unions, municipal banks and national savings banks

  • Payments you made to an account you control

  • Claims you’ve misrepresented or falsified

  • Claims where you’ve been grossly negligent

  • Fraud you reported more than 13 months after the final payment to the fraudster

  • Civil disputes, like if you’ve paid someone and aren’t happy with the product or service

  • Unlawful payments for goods or services, like if the payment was for an illegal item

Transactions you made before 7 October 2024 aren’t covered by these rules, but you should still report fraud so we can investigate and assess whether we can reimburse you.

Heads up: unauthorised fraud (like when someone steals your card) is covered by a different set of rules. You should still report it, and we’ll do everything we can to help you get your money back.

Learn more about how Monzo keeps you safe.

UK residents only. Ts&Cs apply.