A Liverpool law firm is celebrating after reaching the landmark of recovering £100 million for victims of scams.
CEL Solicitors has clawed back the cash for more than 6,000 clients who’ve approached them for help after being duped by criminals in a range of fraud activities, including nefarious online schemes.
According to UK Finance, £1.17 billion was lost to fraud and scams last year, making it the most common crime in the country. Someone in the UK is scammed every 10 seconds.
But for the last four years, CEL Solicitors has made it its mission to help the victims of increasingly sophisticated schemes such as romance and investment frauds.
CEO Jessica Hampson (pictured) said: “We’re extremely proud of the work we do to support people who have been targeted. We’ve been here for them when they have had nowhere else to turn.
“There’s still a stigma attached to scams where victims feel ashamed about losing money in this way.
“Some can’t bring themselves to tell their family about it and others believe their bank not offering support is the end of the line.
“But we listen to them and we fight for them when we feel financial institutions should have done more to protect their customers.”
CEL Solicitors is a family-run firm that employs more than 100 people at its headquarters in Chapel Street, Liverpool city centre.
Mrs Hampson added: “Each person we speak to has a different situation which led to them being scammed, but one thing we always reassure them is that it’s not their fault.
“Criminals are always coming up with new tactics to con people out of their money and the scams are becoming increasingly sophisticated.
“Banks also hold responsibility for having checks in place to ensure money isn’t being sent to scam accounts.”
New rules state that banks must refund customers that have been defrauded but this can be rejected if the bank decides the claimant was negligent.
Refunds should be returned within five working days after being notified, or up to 35 days if more time is needed. The cost of the refund will be split between the payment providers that sent and received the funds.
As well as bringing in this new rule, the Payment Systems Regulator (PRS) has slashed the amount banks have to refund from £415,000 to £85,000.
Mrs Hampson said: “This new regulation provides stronger protection for customers, holding banks accountable and pushing them to act swiftly when scams occur.
“But the changes to the amount banks refund is surprising, especially since the PRS deemed £85,000 ‘too low’ last year.
“It would be interesting to know how banks will measure if a customer’s actions were negligent and on what grounds they will refuse claims.”
