She learned that fraudsters were able to steal £194000 from her account without even raising any question to NatWest’s fraud department. The bank stood idly while sums ranging between £3,000 and £9,500 were repeatedly sent to a company named Axicorp. With a total of 32 transactions, some for the same amount on the same day, the bank allowed a total of £194000 to be transferred away to Axicorp without even raising a red flag for possible fraud attempts.
NatWest gave a full refund, £500 in compensation together with two ‘hampers’ to Dr Kristin Pagano. But the self-employed pharmaceutical consultant remained bemused and frustrated. She asked the bank how what happened was even possible. She began questioning her future with her future as a customer of NatWest. The woman also did not understand why the the consumer information the bank gives out on its website contradicts with NatWest’s passiveness. When reached for comment the bank officials explained that the woman was given a full refund and an additional compensation. NatWest explained that their anti-fraud system is not guaranteed to detect automatically 100% of the cases and that it is continuosly improved: “Our processes and systems constantly evolve to do all that we can.. We have to balance the need for security against the inconvenience of blocking genuine payments”.