A Santander customer who lost money to a crypto scam has successfully recovered their funds after the Financial Ombudsman Service ruled in their favour. Despite the customer sharing some responsibility for the transactions, Santander was found to have failed in providing adequate protection. This decision shows that even where blame is shared, victims of fraud may still have a route to recover their losses.
Ms F’s journey began when a Facebook contact appeared to be doing well with cryptocurrency investments. That person introduced her to a so-called account manager who claimed to work for a legitimate investment firm. The scammer used professional behaviour, slow persuasion, and a credible-looking crypto exchange to build trust.
Between 9 and 14 February 2024, Ms F made seven payments totalling £10,060 from her Santander account:
– £1,000
– £1,000 + £60
– £2,000 + £1,000
– £2,500 + £2,500
After funding her crypto wallet, she transferred the cryptocurrency to the scammer as instructed. She only realised it was a scam when asked to pay an additional £4,000 to access her funds — a classic fraud tactic.
The loss wiped out Ms F’s savings, leaving her financially vulnerable and emotionally devastated. She struggled with sleepless nights and anxiety, showing how the damage from scams goes far beyond money.
When Ms F asked for a refund, Santander denied responsibility. They claimed the CRM Code didn’t apply to debit card payments and believed they had fulfilled their duty by stopping two transactions and reading her a warning.
When Ms F escalated the complaint, the Ombudsman found that Santander’s intervention was inadequate:
The Ombudsman said scripted questions weren’t enough. Proper questions would have uncovered the scam. These should have included:
Santander missed multiple opportunities to stop the fraud by failing to go beyond the script.
By 2023, financial institutions were expected to understand the risks of crypto scams. These typically involve fake investment firms contacting people through social media. Payments being sent to a personal crypto wallet before being transferred elsewhere and use of screen-sharing or remote access software
Despite these red flags, Santander relied on basic warnings rather than effective fraud detection.
While Santander was found at fault, Ms F was also held 50% responsible for:
The Ombudsman ruled Santander should refund 50% of the final four payments (£8,000), resulting in a £4,000 refund plus interest.
At Compensation Adviser, we specialise in helping people recover money lost to cryptocurrency scams. Our expert team understands how these scams work — and challenge financial institutions when fraud checks fail.
Here’s what you can expect from our service:
A dedicated crypto claims team – We understand the complexities of crypto fraud — including fake platforms, phishing scams, and wallet theft.
A proven track record – We’ve successfully helped clients reclaim losses from financial mis-selling and scam-related cases.
End-to-end support – From your free initial assessment to final resolution, we’re here every step of the way.
Current expertise – We stay informed on the latest scam tactics, banking standards, and Financial Ombudsman decisions.
Fair and transparent pricing – Our success fee is 15% + VAT, and you only pay it if we recover money for you. We also cap our fees at one of the lowest levels in the industry — ensuring more of your recovered funds go back to you.
Note: A cancellation fee may apply if you cancel more than 14 days after signing your agreement.
If your bank let suspicious payments go through, especially to crypto platforms or unknown individuals you may have a case.
At Compensation Adviser, we specialise in helping victims of crypto scams and APP fraud.
If you think your bank could’ve done more, we’ll review your case at no cost.
You’re not alone — and you may still have options. We offer a free, no-obligation assessment to help you understand your next steps.
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You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the bank, business or person against whom you wish to complain or to the Financial Ombudsman Service or the Financial Services Compensation Scheme, whichever is applicable to your claim.