Not upheld: investment scam - refund claim complaint against Monzo Bank Limited

Decision detail

Summary

Miss D complained to Monzo Bank Limited after losing £10,750 to an investment scam perpetrated by an individual she met through friends. The scammer, who visited her home, convinced her to invest in property and directed her to send payments to multiple accounts between June 2022 and October 2023. When the scammer became uncontactable and no returns materialised, Miss D realised she had been scammed and complained to Monzo, which declined her claim under the CRM Code. The ombudsman upheld Monzo's decision, finding that while Miss D was likely taken advantage of due to her vulnerability, she could not provide sufficient evidence of what was agreed or discussed to establish either the scam's nature or Monzo's liability to refund.

The Ombudsman's reasoning

The ombudsman could not uphold the complaint because Miss D failed to provide sufficient information to establish either that a scam occurred or that Monzo was responsible for refunding her. The property investment details were discussed only in person, and minimal messaging evidence was available. Without evidence of what was actually agreed or discussed, the ombudsman could not determine the nature of the scam or establish Monzo's liability. While acknowledging Miss D's vulnerability was exploited, the lack of supporting documentation made it impossible to reasonably conclude Monzo should refund the money.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website