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

Decision detail

Summary

Mr E complained that Revolut failed to protect him from a cryptocurrency investment scam that resulted in approximately £150,000 in losses over three years (September 2022 to May 2025). While the ombudsman accepted that Mr E was likely a victim of a scam and that Revolut should have done more to identify suspicious activity and provide scam warnings, the complaint was not upheld. The ombudsman found that the evidence suggested Mr E was heavily influenced by the scammers through constant coaching, quickly resumed payments after reporting concerns to Revolut, and provided inaccurate information when questioned, indicating he would likely have ignored proportionate intervention. Additionally, Revolut had no reasonable prospect of recovering the funds as they had been converted to cryptocurrency and the scam was reported months after the final payment.

The Ombudsman's reasoning

While Mr E was likely a victim of a scam and Revolut should have done more to identify suspicious activity and provide warnings, the ombudsman was not persuaded that proportionate intervention would have prevented the loss. The evidence suggests Mr E was heavily under the scammer's influence through constant coaching, quickly resumed payments after reporting concerns, and provided inaccurate information when questioned. The scam was inadequately explained and the loss not accurately reported. Additionally, Revolut had no reasonable prospect of recovering funds as they were converted to cryptocurrency and the scam was reported months after the final payment.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website