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

Decision detail

Summary

Mr N lost money to an investment scam between September and December 2024 where a scammer communicated via messaging app and provided a fake investment dashboard. Mr N made multiple payments via Revolut to cryptocurrency exchanges. Revolut intervened several times with questions and warnings, but Mr N confirmed false information (that he was not investing, had researched the opportunity, and was sending funds to his own account) as he was coached by the scammer to do so. The ombudsman found Revolut not responsible because it did intervene appropriately and Mr N's deliberate provision of false information made it impossible for Revolut to detect the fraud.

The Ombudsman's reasoning

Although Revolut should have had concerns about high-value cryptocurrency payments and intervened (which it did), Mr N deliberately provided false information when questioned, coached by the scammer. Even if Revolut had intervened further, there is insufficient evidence that Mr N would have provided honest information that would have uncovered the scam. Revolut's multiple interventions and warnings were proportionate, and the scammer's coaching of Mr N to lie made it very difficult for Revolut to identify the fraud.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website