19 Feb 2021 • 4mins •

Fraud protection: why has my Yolt Account been blocked?

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Having your Yolt Account blocked can be frustrating. It’s even more confusing when you don’t understand why it was blocked in the first place.

Before getting into why we block accounts, it’s important to remember Yolt operates in a highly regulated environment.

As an FCA-regulated business, we follow legal requirements to make sure no criminal activity takes place through our app. We have a responsibility to all users to ensure our business operates safely.

And we’re ethically committed to making the financial industry as transparent as possible – after all, you trust us with your money daily. The rules and regulations we follow help us tackle issues like money laundering, money muling and financial fraud. Ultimately, they help us protect you from scams and, potentially, losing your money.

Why we might have to block a Yolt Account

We may need to freeze or block an account for several reasons. But when we block an account, we can’t fully disclose why. This practice (called “social engineering”) aims to stop criminals from coming up with workarounds to our safety measures.

We can give some broad reasons that would end up in a Yolt Account being blocked, though. These include suspect or unusual activity on a Yolt Account, or a user identified as “high-risk”. We can even be asked by the authorities to block an account for financial crime investigation. These reasons are outlined in section 10 of our T&Cs.

What happens after my Yolt Account is blocked?

When our systems flag suspicious behaviour, we temporarily block that account and card. This means you won’t be able to access your Yolt Account through the app or make payments with your Yolt Card. Any funds in your account will also be temporarily unavailable.

Then we investigate. Our fraud team will review the details to make sure everything’s compliant and make a final decision on your account.

While we rarely come across false positives, we’re only human. If it happens, we reinstate your account and apologise profusely.

What can I do if my account has been blocked?

Making a final decision on your account can take some time, especially if we need more information to investigate fully. If your account’s been blocked temporarily, you can get in touch on hello@yolt.com and we’ll connect you with the relevant team.

Due to privacy and security reasons, we’ll never discuss cases publicly. This is why we can’t help over social media or on review forums. It’s also easier to keep our communications to email, so we can keep an accurate record of how your case is progressing.

When you contact us, as much as our customer care agents would love to help, by law, we can’t tell you exactly why your account has been blocked – or how long it will take for us to come to a final decision. The law’s the law after all.

Doesn’t this expose Yolt to negative reviews and complaints?

It does. We welcome negative feedback, as it helps us make Yolt even better for all our users. But we get having your account blocked isn’t a desirable outcome. We’ll make that we address all complaints in a timely manner, and if we can’t uphold your complaint, we’ll refer you to the relevant regulatory bodies so you can escalate.

But we also know that leaving negative reviews and being particularly vocal on social media is a common tactic used by fraudsters (like individuals who believe they’ve lost a juicy opportunity to make illicit gains through Yolt), to try and pressure us into unblocking an account. So you might want to take some of these stories with a pinch of salt.

If this happens, we’ll confirm we’ve made our final decision. Even if negative reviews do impact our business (and the morale of our employees), we have a responsibility to do the right thing: to make finance fair, safe and ethical.

If you’re interested in hearing more financial fraud stories, and how the coronavirus outbreak has increased money fraud, here’s some sources you may find useful:

https://www.bbc.co.uk/news/business-53573408

https://www.bbc.co.uk/news/business-55804205

https://www.ukfinance.org.uk/press/press-releases/criminals-exploit-covid-19-fraud-moves-increasingly-online