The Fair Credit Billing Act (FCBA): This 1974 federal law limits consumer liability for credit card fraud to $50 in most cases, and provides special rights for fraud victims - like the ability to dispute charges via phone instead of in writing.The good news is that there are some protections for consumers who have been scammed out of money:
In this guide, we’ll explain what happens when you get scammed, how you can try to get your money back, and what to do if your bank won’t reimburse you. According to the Federal Trade Commission (FTC) : Americans lost nearly $8.8 billion to fraud in 2022 - with imposter scams accounting for a staggering $2.7 billion in losses.īut if you get scammed, is the money gone forever? Or do banks refund scammed money? Unfortunately, Amber is just one of the millions of Americans who lose money to scams each year. īut in reality the whole thing was a scam - and all of the money Amber transferred went directly to scammers.
The caller ID indicated that it was her bank, and the person on the other end knew a lot about Amber and her account - enough to gain her trust and convince her to wire $17,500 to a “secure account” in order to protect her savings. But before she could even respond, her phone rang. Can You Get Money Back From Your Bank If You Get Scammed?Īmber had just left Chase Bank when she received a text message warning her of potential fraud on her account.
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