Can I get my money back after a crypto scam?

Recovery depends heavily on how you paid. If you transferred money via Faster Payments from a UK bank account, you may be covered by the PSR mandatory reimbursement scheme (from October 2024) — up to £85,000. If you used a credit card, Section 75 may apply for purchases over £100. If you bought actual cryptocurrency from a legitimate exchange and then sent it to scammers, recovery is much harder — crypto transactions are generally irreversible, though court orders can sometimes freeze assets.

Are crypto recovery services legitimate?

Most so-called 'crypto recovery services' are scams themselves. They target known fraud victims (your details may have been sold), promise to recover funds for an upfront fee, and then disappear with the fee. Legitimate fraud specialists always work on a no win, no fee basis — they never ask for money upfront. If someone contacts you claiming they can recover your crypto for a fee, it is almost certainly a second fraud.

What is APP fraud and does it cover crypto scams?

Authorised Push Payment (APP) fraud covers situations where you were tricked into authorising a bank transfer. If a crypto scam involved you transferring money from your bank account (not buying crypto directly), the bank transfer is APP fraud — covered by the PSR mandatory scheme from October 2024. Report to your bank immediately and also to Action Fraud.

Can I report a crypto scam to the FCA?

Yes. If the investment was offered by an unauthorised firm, you can report to the FCA (Financial Conduct Authority) via their online form. You should also report to Action Fraud (0300 123 2040). The FCA maintains a warning list of unauthorised firms. While FCA enforcement doesn't automatically recover your money, it can prevent others from being scammed and may support your FOS complaint.

Crypto Scam Recovery UK 2025 — Can You Get Your Money Back?

🚨 Beware of recovery scams

After losing money to a crypto scam, many victims are targeted by so-called "recovery services" who claim they can trace and retrieve cryptocurrency. These are almost always second scams. They may claim to be lawyers, blockchain experts, or government agencies. They always ask for money upfront. Legitimate recovery specialists never charge upfront fees. If you've been approached, report it to Action Fraud immediately.

Honest answer

Can you get your money back after a crypto scam?

It depends entirely on how you paid. If you sent money via bank transfer, the new PSR mandatory scheme means your bank may now be required to refund you — up to £85,000. If you used a credit card, Section 75 may apply. If you bought real cryptocurrency from an exchange and then sent it to a scammer, the odds of recovery are very low — crypto transactions are irreversible. This guide will walk you through every realistic option for your specific payment method.

₿ Payment method matters most✓ Bank transfers: PSR route⚠ Direct crypto: very difficult

Recovery route checker

How did you send the money?

Your recovery options depend almost entirely on your payment method. Select how you paid to see your specific options:

₿

Crypto Scam Recovery Route Checker

Select your payment method for personalised recovery guidance

🏦

Bank Transfer (Faster Payments)

Direct transfer to scammer's account

↑ Best recovery chance

💳

Credit Card

Card payment to platform or scammer

↗ Good chance via S.75

🪙

Debit Card

Card payment to platform

→ Chargeback possible

₿

Bought Crypto, Then Sent It

Purchased real crypto then transferred

↓ Very limited options

All recovery routes

Your four crypto scam recovery options explained

PSR Mandatory Reimbursement (bank transfers — strongest route)

If you sent money via Faster Payments from a UK bank account, the PSR mandatory scheme (October 2024) requires your bank to refund up to £85,000 within 5 business days, unless you were grossly negligent. Report to your bank immediately and within 13 months of the transfer. This is the most powerful route available.

Up to £85,00013-month deadlineBank transfer only

Section 75 (credit card — strong route for £100–£30,000)

If you paid with a credit card and the goods or services were not delivered as described, Section 75 of the Consumer Credit Act makes the card issuer jointly liable with the merchant. This applies to purchases between £100 and £30,000. Crypto investment scams that took payment by card can be claimed via S.75 — the "service" was the investment, which was fraudulent. Contact your card issuer's disputes team.

£100–£30,0006-year limitCredit card only

Debit card chargeback (debit cards — possible, not guaranteed)

If you paid by debit card, your bank can attempt a chargeback under Visa or Mastercard rules. This is a voluntary scheme (unlike S.75 or PSR) but most banks will attempt it on your behalf. It works best when the payment went to an actual merchant account — it's harder when the recipient was a money mule account. Contact your bank's fraud team, not customer services.

Not guaranteed120-day Visa limitDebit card

Legal action and asset tracing (direct crypto — difficult)

If you bought actual cryptocurrency from an exchange and then transferred it to scammers, recovery options are limited but not zero. Specialist crypto asset tracing firms can attempt to follow the blockchain trail. Court orders (worldwide freezing orders) can sometimes be obtained. However, this route is expensive, slow, and success rates are low. It is only worth pursuing for losses significantly above £50,000.

Low success rate£50k+ losses onlyDirect crypto

Common scam types

Which type of crypto scam affects recovery options?

Fake investment platforms

Elaborate fake exchanges or platforms showing false profits. You deposit money (often via bank transfer) and can see "returns" — until you try to withdraw. Best route: PSR scheme or Section 75.

Romance / pig butchering scams

Months-long fake relationship, ending with investment requests. Transfers usually via bank. PSR scheme is your primary route. FOS has been sympathetic to romance scam victims.

Impersonation of exchanges (Coinbase, Binance)

Scammers posing as legitimate exchange support staff. If you transferred to them via bank, PSR applies. If you gave them access to your real account, report to the exchange immediately.

NFT or token presale scams

Often paid by crypto directly (ETH, BTC). Very hard to recover. If you used a card to buy the crypto first, S.75 against the crypto exchange may be possible in limited circumstances.

Immediate steps

What to do right now if you've been scammed

Stop all contact with the scammer immediately

Do not send more money under any circumstances — including "release fees", "tax payments", or "verification deposits". These are all part of the same scam. Block all contact.

Report to your bank within 24 hours

Call your bank's fraud line (number on your card). They may be able to recall the payment if it went to another UK account. Even if they can't, you need a fraud reference number. Under the PSR scheme, you must report within 13 months — but the sooner the better.

Report to Action Fraud

Report online at actionfraud.police.uk or call 0300 123 2040. Get a crime reference number. This supports your bank claim and FOS complaint, and contributes to law enforcement intelligence on these scams.

Report the firm to the FCA

If the "investment firm" was not FCA authorised, report it to the FCA (fca.org.uk/consumers/report-scam-us). The FCA warning list is publicly searchable — check if the firm is listed before reporting. FCA action won't recover your money but may help others.

Preserve all evidence

Screenshot all communications (WhatsApp, Telegram, email, platform), the fake investment platform, any transaction receipts, and wallet addresses. Even if recovery is uncertain now, evidence may become useful in future legal proceedings.

🚨

Never pay upfront for recovery servicesIf anyone contacts you claiming they can recover your crypto for a fee — whether they call themselves lawyers, blockchain investigators, or government agents — it is a scam. Report them to Action Fraud. Real fraud recovery specialists work exclusively on a no win, no fee basis.

FAQs

Crypto scam recovery — frequently asked questions

My bank says they can't help — what can I do?+

If your bank rejects your APP fraud claim, escalate to the Financial Ombudsman Service (FOS) for free within 6 months of their final decision. The FOS has been increasingly critical of banks that automatically reject APP fraud claims without adequate investigation. Many claims overturned by the FOS involve crypto investment scams where the bank failed to apply adequate fraud warnings or delayed recovery action.

The scam firm claimed to be FCA regulated — does that help?+

It may help your bank claim. If you can show you reasonably relied on a false claim of FCA authorisation, this strengthens the argument that you weren't grossly negligent — you had a plausible reason to trust the firm. Keep any evidence of the FCA claim (website screenshots, emails). Impersonating FCA-authorised firms is also a separate offence — report it to the FCA and Action Fraud.

Can the FSCS compensate me for a crypto scam?+

The Financial Services Compensation Scheme (FSCS) only covers losses from FCA-authorised firms that have gone bust. Crypto scams typically involve unauthorised firms, so FSCS protection does not apply in most cases. However, if you invested through a legitimate FCA-authorised firm (e.g. a stockbroker that made unauthorised investments) and lost money due to their failure, FSCS may be relevant. Check the FSCS eligibility checker at fscs.org.uk.

I sent crypto directly — is there really no hope?+

The realistic answer is that recovery is very difficult for direct crypto transfers. Blockchain transactions are irreversible by design. That said, specialist crypto asset tracing firms have had some success with: (1) identifying and reporting wallet addresses to exchanges to freeze funds before they're withdrawn; (2) obtaining worldwide freezing orders through UK courts against identified defendants; (3) civil proceedings where scammers have been identified. These routes are expensive and slow, and only viable for losses above approximately £50,000.

Related guides

Related financial fraud and recovery guides

Disclaimer: Recovery odds vary significantly based on payment method and circumstances. PSR and Section 75 routes have legal basis; direct crypto recovery is speculative. Never pay upfront for recovery services — this is itself a fraud. Report all crypto scams to Action Fraud (0300 123 2040) and the FCA. ClaimValue is not regulated by the FCA.

Lost money to a crypto scam? Here's what you can actually do