In May 2023, the scammer suggested it was a good time to invest a larger amount. Matilda's internet-banking limit was $10,000, so she called the bank and increased it to $50,000. She then made three payments: two of $50,000 in May and a third of $45,000 in June. The scam was discovered when Matilda's son learned of the payments two months later. Matilda complained that the bank failed to protect her money from the scammer. She said the three large payments should have raised alarm bells. She also said the bank had called to ask about the purpose of the first payment and had been satisfied with her answer of "for personal reasons". She argued the bank should have questioned her more closely.

Our investigation

We could find nothing that should have given the bank grounds to suspect a scam. The increased internet-banking limit was nothing out of the ordinary, and nor were the three large payments. If a bank detects a warning sign of a scam, it is required to make enquiries and, if warranted, warn the customer. But again, we could detect no such grounds for suspicion. Matilda said nothing during her phone call to raise her limit that was suspicious. And lastly, the bank could find no record of any phone call to her questioning the purpose of her first $50,000 transfer – and nor could Matilda find any trace of it on her phone.

Outcome

We did not uphold Matilda’s complaint.