Not upheld: Fraud reimbursement (APP scams) complaint against Revolut Ltd

Decision detail

Summary

Miss S lost money to a 'job' scam involving fake employment and escalating prepayment requests. She made four transfers totalling £150 and two cryptocurrency withdrawals worth £1,276.96 through Revolut. Revolut declined reimbursement, citing the FPS Reimbursement Rules excess and lack of responsibility for cryptocurrency withdrawals. The ombudsman upheld Revolut's position, finding Miss S was not a Vulnerable Consumer, the £100 excess was properly applied, and the cryptocurrency exchanges did not present a concerning pattern requiring intervention.

The Ombudsman's reasoning

The ombudsman applied the FPS Reimbursement Rules which require reimbursement of APP scam payments except in limited circumstances. Revolut was entitled to deduct a £100 excess as Miss S was not a Vulnerable Consumer, reducing her loss from transfers to £50. The credits received should be deducted from payments made as they occurred around the same time. Regarding the cryptocurrency exchanges, while the ombudsman could consider them, the two exchanges were a week apart and did not form a concerning pattern that should have alerted Revolut to fraud risk. Although Revolut's warnings during withdrawals were not optimal, this did not constitute fault given the overall circumstances.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website