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At a glance:
Mastercard is giving money back to people in the UK.
Scammers could pretend to be Mastercard to steal your details.
They could use fake texts, emails, websites or phone calls.
What is the Mastercard compensation scheme?
Mastercard has been ordered to repay £200 million to UK shoppers. They were accused of charging businesses too much to process payments between 1997 and 2008. Businesses then raised their prices, so customers had to pay more.
If you were 16 or older and lived in the UK during that time, you might be able to claim up to £70. You can check if you can claim on the Mastercard Consumer Claim website. The MasterCard compensation scheme has not started yet.
The compensation scheme is good news for many. But scammers could use it as an excuse to try and steal your details.
Why fraudsters may target the Mastercard compensation scheme
Hannah Bingle, our Financial Crime Awareness Specialist, explains why the Mastercard compensation scheme is vulnerable to being exploited by scammers:
"We know that fraudsters will often use stories from the news and current events to take people’s details or money.
This story could be very attractive to criminals – they know people will be expecting to give personal details, so all they have to do is create a copy of the form and rely on people not noticing it’s a fake.
Criminals might make up stories to attract people’s attention. For example, they might offer ways to get more money or widen eligibility to people who don’t qualify. They might even ask for money to access a claim.
There’s no urgency to make a claim right away so if you’re not sure, leave the process to do your research and come back to it later."
This story could be very attractive to criminals – they know people will be expecting to give personal details, so all they have to do is create a copy of the form and rely on people not noticing it’s a fake.
Criminals might make up stories to attract people’s attention. For example, they might offer ways to get more money or widen eligibility to people who don’t qualify. They might even ask for money to access a claim.
There’s no urgency to make a claim right away so if you’re not sure, leave the process to do your research and come back to it later."
How might a Mastercard compensation scam work?
Scammers pretend to be Mastercard. They ask for your details to help you make a claim. But instead of helping you, they steal your details.
They might:
Make fake websites - These look real and could show up in online adverts, social media or messages.
Send texts or emails - These include fake links or phone numbers.
Call you - They ask for your personal details.
Once they have your details, they might:
Pretend to be someone else - They use the information you gave them to trick you. For example, pretending to be your bank and asking you to move money.
Steal your identity - They take your money or open new accounts in your name.
How to spot Mastercard compensation scams
It’s likely to be a scam if:
they say you’ll get more than £70
they ask you to pay a fee
you do not meet the rules, but they say you can still claim
they ask for your details over the phone.
What to do if you think you’ve been scammed
It could happen to anyone. If you think it’s happened to you, call us or visit your branch right away. For example, you might:
think someone has scammed you
have given your personal details to someone you do not know
have found a payment you did not make
think someone is using your identity.
The content on this page is for reference. It is not financial advice. For help with money issues, try MoneyHelper.
