A Breakthrough in Bank Scams – Lloyds Bank Refunds Money Lost through Another Bank for Vulnerable Client
Phoenix Solicitors recently secured a full refund for our client, Mr W, who lost £27,617.33 to a cruel and sophisticated investment scam.
This scam affected Mr W’s three bank accounts: Chase Bank, Revolut, and Lloyds Bank.
Mr W sought help from our Scam and Fraud Team at Phoenix Solicitors to recover his losses. We promptly lodged complaints with both Revolut and Lloyds, where the majority of the funds were lost.
Formal Complaint Raised with Revolut
Phoenix Solicitors swiftly filed a formal complaint with Revolut to recover the £21,525.00 lost to scammers. We detailed the scam and Mr W’s personal circumstances, underscoring his vulnerabilities:
- Serious physical illness preventing work for several years.
- Hearing impairment requiring assistance during phone calls.
- Social isolation and loneliness.
- Mental health challenges.
- Bereavement and familial loss.
- Financial constraints preventing property maintenance.
Revolut’s Disappointing Response
Revolut responded to our complaint and refused to provide Mr W with a refund. This was communicated to Mr W by the Fraud Team and despite their professional support, this was understandably upsetting for Mr W to hear.
Lloyds Bank’s Compassionate Resolution
Simultaneously, we lodged a similar complaint with Lloyds for the £6,092.33 lost. In contrast, Lloyds responded positively:
Lloyds acknowledged Mr W’s distress upon realising the scam and disappointment with Revolut’s response. While asserting the payments weren’t covered by the CRM code and suggesting Mr W could have been more vigilant, they recognised his circumstances and vulnerabilities.
As a result, Lloyds decided to reimburse Mr W fully, covering losses from both his Lloyds and Revolut accounts, awarding him £27,617.33 within days.
Mr W was overjoyed and relieved to reclaim his funds.
Money Back After a Scam
Not only is this a fantastic result for our client, whom we were truly moved by, but we also believe this decision will hopefully pave the way for more banks, like Lloyds, to consider the severity of these scams on everyday people and take into account their customers’ vulnerabilities and personal circumstances.
Vulnerable people are often preyed upon by highly sophisticated and manipulative scammers and should be rightfully compensated.
Help if you have been the Victim of Financial Fraud or Scam
If you or someone you know has fallen victim to financial fraud or scam, reach out to the experts at Phoenix Solicitors via email at rb@phoenixlegalsolicitors.co.uk or by calling 0151 306 3694.
We are here to help.
0151 306 3694 .