Your money: How to solve mystery of your missing cash

IF you lost money through fraud, would you expect to get your cash back?

RBS chief executive Ross McEwan was recently reported as cautioning that bank fraud victims shouldn’t expect automatic refunds, highlighting the duty of care consumers have over their own actions.

So, generally, when might you get your money back, and when could your cash disappear for ever?

People’s rights vary depending on how they lost money.

Victims accidentally paying a crook using their credit card have protections under the Consumer Credit Act, which allows them to get their money back for transactions between £100 and £30,000.

With debit cards, you may be able to retrieve your cash through the voluntary chargeback scheme with your bank.

If a payment is made to a scammer through an authorised direct debit payment, you’re covered by the Direct Debit Guarantee.

When it comes to bank transfers, there’s a difference between unauthorised and authorised transfers.

With the latter, it could be more difficult to get your money back – as the bank has transferred the money on the customer’s instructions. This makes it vital to check before you click the payment button.

Authorised transfer fraud happens when someone is tricked into moving money from their own bank account directly into that of a fraudster. By contrast, with unauthorised transfers, the fraudster accesses someone’s account without their knowledge and transfers money. In these cases, the bank is generally required to reimburse its customer.

Of course, it’s better to avoid being scammed in the first place.

Common warning signs include unexpected emails or calls, being put under pressure to act quickly and being asked for personal details. If in doubt, put the phone down.

And everyone can do their bit, by not sharing passwords and pins, checking statements regularly and reporting fraud immediately.