Fraudulent transaction advice please 25 February 2021 at 6:54PM in Credit cards 12 replies 531 views

7781Caro

Hi 
Looking for some advice please 
In a moment of madness I purchased what I thought was a legitimate investment using my Tesco credit card. I have not had contact with the company since, it was clearly a scam. 
I contacted Tesco and after 30 weeks they have finally advised that I am not covered under section 75 as it was an investment purchase. I cannot see where it says this means it is excluded, either under section 75 or within Tesco terms and conditions.
Regardless of my opinion now, I made a purchase in good faith and have received no goods or services for it ...there has been no contact. 
My question is are Tesco correct or is this their policy rather than legislation/law? I of course maybe wrong however it doesnt seem right to me. I have since read that this was put in place to avoid claims for unsuccessful investments, however this is not my case ..... I have no investment. 

Please be kind with your replies. I have never done anything like this before, I was duped to make an impulsive decision in a moment of weakness. I am more upset about why I didnt see this for what it was and my error of judgement, however it was £200 which is a lot for me. 

Thanks in advance 

born_again

Rule of thumb, Investments are not covered. As that would leave card providers wide open to anyone to invest and if they lost out (it went down not up) to claim the money back.

zx81

What exactly was it you thought you were buying, who from and what if any communication have you had about your purchase?

pbartlett

Report it to action fraud online, get a crime number, give that to Tesco. It may help.

MEM62

There is no way investments are covered by S75.  By your own admission, this is a result of your own poor judgement and it would not be reasonable to expect Tesco to cover you in this instance.  If that was the way S75 worked we could all take ridiculous risks with investments, enjoy the rewards if they paid off and claim from our CC provider if they fail.      

pbartlett

I think what the OP is saying is not that their investment failed but that there was no investment and they were duped into paying for a non-existent product.

cymruchris

How did you get to know about the investment, and how did you interact with them? What steps did you take to make the investment? Was it bought through a website? A web chat? Over the phone?

eskbanker

MEM62 said:

There is no way investments are covered by S75.  By your own admission, this is a result of your own poor judgement and it would not be reasonable to expect Tesco to cover you in this instance.  If that was the way S75 worked we could all take ridiculous risks with investments, enjoy the rewards if they paid off and claim from our CC provider if they fail. 

pbartlett said:

I think what the OP is saying is not that their investment failed but that there was no investment and they were duped into paying for a non-existent product.

Yes, seems clear to me:

7781Caro said:

I have since read that this was put in place to avoid claims for unsuccessful investments, however this is not my case ..... I have no investment.

7781Caro

pbartlett said:

I think what the OP is saying is not that their investment failed but that there was no investment and they were duped into paying for a non-existent product.

This is acurrate, thank you 

7781Caro

pbartlett said:

Report it to action fraud online, get a crime number, give that to Tesco. It may help.

Thank you I will try this, much appreciated 

7781Caro

born_again said:

Rule of thumb, Investments are not covered. As that would leave card providers wide open to anyone to invest and if they lost out (it went down not up) to claim the money back.

Thank you, understood ...however I dont have an investment