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Do you have an issue you need put right? Which? is here to help get your consumer problems sorted.
Dear Which?,
I recently received a call out of the blue from a charming man who told me about the benefits of investing in digital art. He called me many times over a period of weeks, explaining that I’d receive 6.7% interest if I invested – well in excess of the returns I was getting on my savings.
I sent cheques totalling £19,282 from my Nationwide and Santander accounts. I received a physical artwork and three fake certificates detailing my rights to the digital art piece. My son made me aware that I’d been scammed, so I alerted the police.
Nationwide agreed to reimburse my losses, but Santander said that I had authorised the transactions and was therefore liable for any financial loss. It also said that although it is signed up to the reimbursement code for scams victims, cheque payments are not covered.
Are you able to help me?
Sarah*
Put to Rights
Tali Ramsey, consumer rights expert at Which?, says
Unfortunately, banks interpret the code in different ways, so we often see some reimburse victims and others not, in very similar cases.
Which? contacted Santander on your behalf. We asked if your age (you were 85 when the scam happened) would be considered a vulnerability factor under the Financial Conduct Authority (FCA) guidance on the fair treatment of vulnerable customers. We also asked what measures are in place for scam victims who send money via cheque.
Santander said it has detection processes in place to authenticate cheques and said that age alone is not a determiner of vulnerability under the FCA’s code. It reaffirmed that it will not be reimbursing your losses.
If you wish to take the matter further, you can escalate your claim to the Financial Ombudsman, pointing out that Nationwide has reimbursed you. You should also mention the grooming process, which saw the fraudster contact you multiple times and send you fake documents to convince you the scam was genuine.
*not her real name
Need to know
- Learn how to spot a phone scam.
- The telltale signs of an investment scam.
- Get emotional support after being scammed.
Get in touch. If you’ve got a consumer rights problem you need put right, email us at yourstory@which.co.uk
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