Not upheld: scam loss / inadequate fraud prevention complaint against National Westminster Bank Public Limited Company (NatWest)

Decision detail

Summary

Mrs H complained that NatWest failed to protect her from a crypto investment scam, seeking a full refund of approximately £9,000 lost through 30 payments made between February and June 2021. The ombudsman found that the payment pattern—relatively low individual amounts (highest £1,165), spread over four months without rapid succession or incremental increases—did not present a heightened fraud risk warranting additional checks. Although one payment was blocked and Mrs H recalled speaking to NatWest's fraud team, NatWest had no records of this intervention, and the ombudsman could not conclude the bank failed in its obligations. The complaint was not upheld, with the ombudsman finding NatWest acted fairly given the circumstances and the state of crypto fraud awareness in 2021.

The Ombudsman's reasoning

The ombudsman found that the payment pattern did not present a heightened risk of fraud warranting additional checks. Individual payments were relatively low value, spread over four months without rapid succession or incremental increases, and appeared as legitimate account usage. Although crypto fraud was a known risk, it was less prevalent in 2021 than later. Even if NatWest intervened as Mrs H described, this would have exceeded reasonable expectations. Without records of any intervention, the ombudsman could not conclude NatWest missed an opportunity to uncover the scam or failed in their obligations.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website