Email hacking and fraud

[Dog tired]

Hi. I have become a victim of fraud I believe due to email hacking. The fraudster appears to have intercepted emails between myself and a tradesman and then posed as him to obtain money from me.
only found this out two days ago so have been busy researching the problem and came across this site. Hoping to learn from the experience of others. Currently does not look optimistic for return of financial losses. Any advice welcome

[ostell]

Have you contacted the banks involved to block the receiving account that was set up fraudulently? There was a recent change that required the banks to take more action in cases like this. I should have listened more carefully to the radio today.

[jaguarsuk]

Also, make a report to Action Fraud

[Dog tired]

Thank you. Yes did both of those things as soon as alerted. Bank fraud department are saying they cannot cover the loss. I thought this a new type of scam but there are cases a few years old - exact same MO we suffered. Apparently the technology exists to trace the money trail and recover; it whether they will or not