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

Decision detail

Summary

Mr B complained that Revolut failed to prevent him losing over £30,000 to a series of investment and recovery scams between September 2023 and February 2024 through crypto transfers and payments to crypto exchanges. Mr B had previously fallen victim to an almost identical recovery scam in 2022, received an FOS assessment confirming this in September 2023, and was warned by another account provider in the same month, yet continued making payments to the new scammer. The ombudsman found that while Revolut should have intervened more appropriately, particularly after January 2024 when on notice of the scam, no proportionate intervention would have prevented the loss given Mr B's deep susceptibility to the scammers' influence and his demonstrated willingness to use alternative payment methods when other providers blocked payments.

The Ombudsman's reasoning

While Revolut should have had monitoring systems and intervened more appropriately, the ombudsman found that Mr B was so deeply under the influence of the scammers that no proportionate intervention would have prevented the loss. This conclusion was based on Mr B's prior experience with an identical recovery scam in 2022, his receipt of an FOS assessment and warnings from other providers in September 2023, yet his continued payments despite this knowledge. The ombudsman also noted that when other providers stopped payments, Mr B used alternative means, demonstrating his determination to send funds regardless of intervention.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website