Not upheld: scam / fraud loss - cryptocurrency investment complaint against Revolut Ltd

Decision detail

Summary

Mr L lost approximately £24,000 to a cryptocurrency investment scam after seeing a social media advertisement endorsed by a public figure. He transferred funds through his Revolut account to the scammer. Revolut investigated but declined to reimburse, and Mr L brought the complaint to the FOS. The ombudsman found that while Revolut should have intervened earlier with a written warning on the initial cryptocurrency exchange, Mr L had already received detailed warnings in a phone call about common scam tactics and continued making payments through alternative methods. The ombudsman concluded that Mr L was under the scammer's influence and would have persisted regardless of an earlier warning, so Revolut could not reasonably have prevented the loss.

The Ombudsman's reasoning

Under Payment Services Regulations 2017, customers are presumed liable for authorised payments. However, firms should intervene proportionately when transactions appear suspicious. While Revolut should have provided a written warning on the 12 November 2025 exchange, the ombudsman found that Mr L had already received detailed, tailored warnings in a call about the specific scam tactics being used against him. These warnings did not deter him, and he subsequently continued making payments through alternative means despite being aware of the risks. The ombudsman concluded that Mr L was under the scammer's influence, motivated by promised profits and belief he would recover funds, and would have persisted regardless of an earlier warning. Therefore, Revolut could not reasonably have prevented the loss.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website