Scam victim’s claim too big for us to consider

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Scam victim’s claim too big for us to consider

Categories:

Fraud & scams,

Summary:

Julian made transactions from his bank account to a crypto exchange platform totalling $375,000. He then transferred the funds to his crypto wallet from where they were fraudulently removed. Julian complained to us that the bank did not take adequate measures to protect his account and detect potentially fraudulent activities given the nature, amount, and frequency of the transactions from his bank account.

Published:

March 2024

Our investigation

Julian’s claim exceeded our limit of $350,000 for direct financial loss and direct incidental expenses, and as a result, we could not consider his complaint. Julian asked whether he could lower his claim to $350,000. We said he could not because rule 3.1 of our Terms of Reference said $350,000 was the limit that a bank customer “could reasonably claim”, and we would expect him to reasonably claim the full $375,000.

Outcome

We could not consider Julian’s complaint.

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