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

Decision detail

Summary

Mr S complained that Revolut Ltd failed to refund money he lost to an investment scam after making several payments he believed were legitimate. Revolut intervened on a significant cryptocurrency transfer on 26 March 2025 through automated questions, warnings, and telephone calls, but Mr S provided inaccurate information and ignored the warnings. Evidence showed Mr S was being coached by scammers on what to tell intervening firms. The ombudsman found that Revolut's intervention was proportionate and that even further intervention would not have prevented the loss, as Mr S would have sought advice from the scammers. The complaint was not upheld as no fair and reasonable basis existed to require Revolut to reimburse the loss.

The Ombudsman's reasoning

The ombudsman found that while Mr S was a victim of a scam, being scammed does not automatically entitle a customer to recompense. Revolut was required to intervene on the significant cryptocurrency transfer on 26 March 2025, which it did proportionately through automated questions, warnings, and telephone calls. Although Mr S provided misleading information during these interventions, Revolut still gave him specific warnings about the hallmarks of the scam he was falling victim to. Mr S ignored these warnings and proceeded with the payments. The ombudsman was satisfied that even if Revolut had intervened on more payments, Mr S would have contacted the scammers for advice on how to answer security questions, as evidenced by the coaching he received. No recovery was possible as payments were made via cryptocurrency or to accounts in Mr S's name.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website