17-23 March 2025
David lost €22,000 in scam by a fraudulent investment company
David made a series of bank transfers totaling over €22,000, into what he believed were valid investment opportunities. David later found out that he had been the victim of a scam and the transfers he had made from his account were to a fraudulent company. He contacted his bank to tell them of the fraud. Whilst agreeing that he had received a phone call from his bank, at the time of the first transfer of money, to warn him generally about the high risk of fraud, David did not accept that he had been sufficiently warned by his bank.
When the bank was told about the scam, it attempted a recall of David's money, but this was not successful. David was unhappy that the bank had failed to successfully recall and return the money to his account, and he was not satisfied with the level of customer service he received.
David brought a complaint to the FSPO, and during the formal investigation, the FSPO issued a Summary of Complaint to the bank requesting additional information. When the bank's answers and evidence were examined during the adjudication of the complaint, the FSPO noted a delay between David telling it about the scam, and the bank then reacting to seek a recall of his money. When the FSPO questioned this delay, the bank replied, observing its own failings and it also acknowledged that it could have taken further steps to prevent some of David's payments being processed.
The bank offered to reimburse David the full amount of his bank transfers along with compensation of €5000, which David accepted in full and final settlement of the complaint and the complaint was closed.