Bank fraud abroad

When travelling, we open ourselves to new cultures and experiences. But there are some crucial ways in which we must keep our guard up. 

Unfortunately, travellers can be targeted by criminals or easily let themselves be caught up in scams they might otherwise avoid. 

It’s really important to stay alert to the risk of fraud, identity theft and other financial scams when you are on holiday. Not only will you lose money but your holiday plans could be ruined by trips to the embassy, long phone calls with your bank or being left stranded without working credit cards. 

Fraud abroad

Fraud and financial scams can take many forms, from simply overcharging you for credit card transactions to sophisticated hoaxes. When travelling stay alert and be aware of:

Accommodation and travel scams

Whether it’s fake plane tickets or accommodation that doesn’t exist, many scammers begin targeting travellers before they’ve even arrived at their destination. And in peak season, when popular museums or cultural sites are full, tricksters can target people willing to part with a lot of money in order to get last-minute tickets, skip the queue, or go on an exclusive, once-in-a-lifetime experience. 

Travel scams are up 500%! Your desire to see the Colosseum or blag a bargain on a villa shouldn’t make you lose your head – keep an eye out for suspicious signs and deals that are too good to be true and only buy your tickets from trusted sources. 

Counterfeit currency exchange

In many tourist destinations, you’ll find small booths or people walking the streets of popular spots offering to exchange your money for local currency at fantastic rates. However, they may mix counterfeit bills in with the real ones they give you. 

Only exchange currency at a well-known bank or an official exchange kiosk inside a shopping centre. 

Tampered-with ATMs

Scammers can fit ATMs with devices that steal your credit card information, including your PIN number, so that they can gain access to your account.

When you are in an unfamiliar country using ATMs you aren’t used to it can be harder to miss the signs of an ATM that has been tampered with.

To protect yourself, stick to ATMs in secure locations – such as inside banks. If you are somewhere with few options, take a moment to check for any signs of tampering around the card slot and keypad. Even if you want to disconnect – you should check your bank accounts every couple of days to ensure there are no suspicious transactions or unexplained outgoings. 

Reporting bank fraud 

If you are a victim of fraud or theft, you should report the incident to the local police – as you will need a police statement to claim against your travel insurance. 

As well as cancelling any stolen or compromised credit cards to prevent any further misuse, you should also contact your nearest British Embassy. 

Claiming back your costs

Your bank should also offer you some support and protection – alerting you if they see suspicious activity on your account. Unfortunately, banks can fail travellers. However, if this happens, it is possible to get some money back. 

When banks do not meet their requirements to act in their customers’ best interests and exercise reasonable measures to prevent financial loss for them, they are neglecting their duty.

We have a free guide that explains the banjks duties, and how you can make a formal complaint about failures to protect you from fraud. 

Download the Resolver free guide 

If you’ve been a victim of a financial scam, whether at home or abroad, and you feel that your bank failed to provide you with proper protection you may be eligible to make a compensation claim. 

Claiming would not just help you recover your financial losses but places pressure on your bank to be more proactive in protecting their customers from purchase, investment, romance or crypto scams.

Our recommended provider for bank fraud claims, UK Fraud Helpline, will handle the details of your claim – and help you get compensated for your losses if your bank let you down. 

Make a Bank Fraud claim now 

If you have any thoughts on this topic, or any other consumer issues you would like us to cover, feel free to get in touch with us at support@resolver.co.uk.