"One of the UK's leading specialists in financial mis-selling…"
The Times
There are two main ways banking customers fall victim to cryptocurrency scams;
1. You already own cryptocurrency on a crypto platform or a Digital Bank and are tricked into transferring it to a fraudster.
2. You are persuaded to invest in cryptocurrency, only to discover it’s a fraudulent scheme.
Both scams rely on deception to make victims reveal personal banking details or transfer funds.
Cryptocurrency scams exploit the hype surrounding crypto, using false promises of wealth to manipulate victims. Common tactics include:
The promise of easy profit lowers people’s guard, making them vulnerable to fraud.
If you’ve fallen victim to a scam, report it to your Bank immediately. Transfers between UK Banks may be reversible within hours, but fraudsters often withdraw or move funds offshore quickly, making crypto scam money recovery difficult.
Since crypto can be held anonymously, stolen assets are often untraceable unless they remain on a regulated exchange—something fraudsters rarely do.
From October 7, 2024, UK Banks must refund victims of Authorised Push Payment (APP) scams, provided:
While these rules have improved protection for scam victims, obtaining a refund is not always straightforward. In our experience, Banks and the Financial Ombudsman Service (FOS) most commonly refuse scam refunds or reduce compensation for two reasons:
Different considerations may apply if you are classed as a vulnerable customer due to age, disability or personal circumstances. Banks assess vulnerability on a case-by-case basis, and this can affect how reimbursement rules are applied.
For this reason, it is important that a claim is supported by clear evidence and presented in the strongest possible way. As specialist fraud solicitors, we have extensive experience challenging Banks and and helping victims recover the compensation they are entitled to.
We handle the process for you, ensuring your claim is properly presented and giving you the best chance of recovering your money. Get in touch and start your recovery process today.
Answer a few quick questions and request a free callback. Our team will contact you for a no-obligation chat and explain the next steps.
Fraudsters build trust with victims over time, luring them into making increasing crypto investments before disappearing with the funds.
Fake “brokers” or “investment managers” promise high returns, using professional-looking emails and websites. Once funds are transferred, they disappear.
Scammers pose as legitimate exchanges, displaying fake profiles to gain trust. Fraudsters will often encourage a small initial investment to build confidence. The fake platform may show apparent profits, encouraging victims to commit increasingly larger amounts over time. We frequently see victims asked to pay additional withdrawal fees, tax charges or administration fees when they try to access their money. These payments are often part of the scam itself and can lead to further losses.
Fraudsters impersonate your Bank, claiming a security breach and convincing you to transfer crypto to a “safe” wallet, which is actually theirs.
Scammers use dating apps or social media to establish fake relationships, eventually convincing victims to invest in fraudulent crypto schemes.
Fraudsters promote new tokens with false promises, inflate prices through victim purchases, and then sell their holdings, crashing the token’s value.
Fake emails, texts, or websites trick victims into revealing passwords or private keys, giving scammers access to their funds.
Scammers use fake endorsements from celebrities (e.g., Elon Musk or Martin Lewis), often with AI-generated content, to promote fraudulent investments.
Using software like AnyDesk or TeamViewer, scammers gain remote access to your device, stealing logins and draining accounts.
Our solicitors have over 17 years of experience helping clients pursue claims involving financial loss, investment disputes and fraud-related matters.
We have helped recover substantial compensation for clients across a range of financial claims, demonstrating our ability to handle complex cases.
You pay nothing upfront. Our fees are only payable if your claim succeeds.
We are authorised and regulated by the Solicitors Regulation Authority (SRA No. 468940), providing reassurance that your claim is handled professionally and securely.
Cryptocurrency scams often involve fake investment opportunities, cloned firms, recovery scams and sophisticated online deception. We help clients understand their legal options following financial loss.
Your claim will be handled by an experienced solicitor who will explain the process clearly and support you throughout your case.
Look out for these red flags before investing:
Think you’ve been targeted by a crypto scam? Don’t wait—act now!
Scammers target digital and high-street Banks to receive crypto investments before moving them to offshore wallets. If you sent money to a scam through any of the Banks below, our expert solicitors can help you get your money back by analysing the transactions and taking legal action.
Banks we see used for crypto scams:
Even if your Bank is not listed, you may still have a case.
“In our experience, Banks and the Financial Ombudsman Service (FOS) often refuse scam refunds by claiming either negligence—that you ignored warnings or should have recognised the fraud—or that the payment was made to a legitimate business that later failed. That’s why gathering detailed information about your claim is crucial to securing a refund.”
Recovering money lost to a cryptocurrency scam can feel overwhelming. Our solicitors will assess your circumstances, explain the available recovery options and guide you through every stage of the claims process.
Our role goes beyond submitting a complaint
Our role is not simply to submit a complaint. We assess the claim against the APP scam reimbursement rules, address allegations of negligence where appropriate, and present evidence showing that the transaction was a scam from the outset.
Banks don’t all take the same approach
In our experience, banks do not all take the same approach to scam complaints. Some appear willing to refund valid claims, while others challenge a much higher proportion of cases. This is one reason why presenting a detailed, evidence-backed complaint can be so important.
We understand that victims of cryptocurrency scams have often suffered significant financial losses. That’s why we offer a No Win, No Fee agreement, allowing you to pursue a claim without paying upfront legal fees.
What This Means for You
Crypto scams can take many forms. Explore our specialist recovery services to find the right support for your case:
Yes, they can, but rules do apply. If the transfer cannot be traced, you can claim a refund from your Bank that allowed the transfer. The Banking Regulator has issued Authorised Push Payment (APP) refund rules.
You can successfully claim a refund where;
Bank refund rates vary wildly, and Banks can often refuse or reduce refunds on the above grounds. It is important to properly present your claim to meet all these requirements.
It is very important to report a transfer to your Bank as soon as you suspect it is a scam. In some cases, the Bank can stop and reverse the transfer, particularly if it is to another UK Bank.
It is also important to report the scam to the police. This can be done by contacting the Nationwide Police Unit that deals with fraud, Action Fraud. This can be done by phone or online at actionfraud.police.uk.
You will need to complain to your Bank, seeking a refund. If this is refused or your refund reduced because the Bank says you were partly to blame, you can appeal to the government redress body, the FOS.
You can avoid crypto scams by not investing in crypto which is a highly volatile and unregulated investment.
UK-regulated firms cannot recommend or manage it for most retail customers.
However, if you still wish to invest or protect your crypto funds, here are a few tips:
If you are thinking of investing:
If you already hold cryptocurrency:
By following these steps, you can significantly reduce your risk of falling victim to crypto scams.
1. Report to Your Bank Immediately – If the transfer is recent, your Bank may be able to stop or reverse it, especially for UK accounts.
2. Report to Action Fraud – Contact the Nationwide Police Fraud Unit by phone or online at actionfraud.police.uk.
3. Request a Refund from Your Bank – If denied or reduced due to alleged negligence, you can appeal to the Financial Ombudsman Service (FOS) for review.
Act fast—early action increases the chances of recovery!
Tim qualified as a solicitor in 1997 and has more than 25 years of experience advising clients on professional negligence, financial mis-selling and complex civil litigation matters. He oversees the firm’s professional negligence cases and advises on case strategy.
Tim has reviewed this page to help ensure the legal information is accurate, up to date and relevant to individuals considering a potential claim.
We offer a free, confidential consultation to help you understand your legal options. Our specialist solicitors handle professional negligence, pension and investment mis-selling, and fraud recovery claims across England and Wales. From day one, we’ll give you clear, practical advice tailored to your situation.
Provide your details to start your eligibility check. You’ll answer a few brief questions next so we can confirm whether your enquiry meets the criteria for a potential claim.
You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
The information appearing within this website does not constitute legal advice and is provided for general information purposes only. No warranty, whether express or implied, is given in relation to such material, and we do not accept any liability for reliance on it.
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