Stories

Mon, 27 Apr 2026

Mon, 27 Apr 2026 'I had £20,000 stolen and had to fight a 13-month fraud reporting rule to get it back'

Sarah has now got her money back but there are calls to reform the deadline for reporting scams to banks.

* A woman, Sarah, had £20,000 stolen in an investment scam and only discovered it was a scam 17 months later.
* Lloyds bank initially refused to refund her £19,000, citing a 13-month time limit on reporting scams, but eventually refunded her after BBC Radio 4's Money Box investigated the case.
* National Trading Standards is calling for an urgent review of the 13-month rule to better protect victims of push payment scams.
* The Mandatory Reimbursement Requirement, introduced in October 2024, sets a 13-month time limit for reporting scams and requires banks and payment service providers to reimburse victims within five working days up to £85,000.
* Louise Baxter, head of the Scams Team at National Trading Standards, believes the 13-month rule is flawed and should be revised to start from the point when a person realises their money has been stolen rather than from the date of the last payment.
* Sarah's case highlights the complexity of investment fraud and the need for greater protection for victims.
* Lloyds bank eventually refunded Sarah's £19,000 after being approached by the BBC.