Revolut scam

Although we regularly use Revolut for transfering money, we very rarely leave much money on it. And although I agree that revolut should have reacted quicker to this case.

But the guy was very stupid to have answered all that information to a stranger, I would always demand a number, call reference and name that I can ring back on then contact revolut directly.

We had an unusual fraudulent transaction for 49.99€ go out andcrevolut contacted us immediately to check if it was valid.
 
We only normally keep a few quid in our Revolut accounts most I've ever used it for was a €10,000 payment.
Once had a payment taken twice opened a chat with them and it was refunded in minutes.

I think the guy was a bit silly giving info over the phone.
 
These days, getting through to any service provider by phone is almost impossible; whether it's your bank, local council, internet provider, or even the Inland Revenue. They don't do phones. So, if you get a call from any of them, assume it's a scam. Every. Single. Time.
 
Twice I've had a card compromised, both times the card provider contacted me to question the transaction, both times I refused to give any identification information to them. Both times the person who called said that is ok, but contact the bank immediately, which I did using the number on the card.
 
Follow the basic rules
1. Never, I say NEVER download software based on a caller asking you to, nor go to a website and hit a link
2. When you are called and they ask you to verify who you are, ask them how they can verify who they are. Even if you know they are a valid caller, still ask. Organisations should never phone you and then ask you to verify, but they do, they should only do this when you call them.
3. Don't let them hurry you with dire warnings, this is a danger sign
Ask for their name, dept etc, then using a different phone ring, the number you have for that organisation and ask to be put thru to the person / dept
4. when you are sure its a scammer, take the piss. Play dumb, take the conversation off on a tangent, waste their time, and dont forget to sign off with some abusive insult, these fukers are trying to steal your money, they deserve no courtesy
 
The only organisation I have found to take “my” security seriously is Nationwide who hold a password for me so they can prove who they are if they call me. Although the first time I used it they hadn’t registered it properly which cost them £200 compensation for their error. But now it is stored properly.
But recently after 2 call-outs with the AA they still call and ask “to take me through security” and I just say unless you can prove who you are then you will have to email me. Which of course inconveniences them, so eventually they may take our security seriously.
It is just one small field in their computer file, why can’t they realise that it would save so much grief and lost money. Perhaps I am wrong, maybe Gromett can explain if it so much of an overhead in a system to implement a two-way password system or if there is another reason for them to be so reluctant to do so.
 
1728905302534.png

Considering what a small percentage of accounts Revolut has compared to the high street banks, the numbers are dreadful.
It should also be noted that Revolut (and Monzo) are not yet technically a "bank".

For those of us wondering which Bank (certified bank), to use to hold a Euro Account, I'd still back Starling as being the best all round bank.
Especially as they failed a recent security drill audit (no money taken), so they will now be upping their security to the highest possible level.

Starling have a button on their app (as do Barclays and possibly others) to immediately freeze all cards.

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I can freeze my revolut card in the app


You can instantly freeze or unfreeze your card in the Revolut app:
  1. From the 'Home' screen, tap the card icon in the top-right corner.
  2. Choose the card.
  3. Tap 'Freeze'/'Unfreeze', as needed.
 
As an aside:
Barclays have checks on my accounts for odd spending habits.

I used by card in London
Later that day I was in Hong Kong trying to get money from an ATM, I got a strange call asking where I was.
Not wanting to divulge anything, I said 'Nathan Road' to which she replied 'is that in HK?' I said yes, and she said go back to the ATM in 10 mins and you will be able to get money out.

I also had a similar call in Cornwall having just paid for a cream tea.
Apparently I was also in the Midlands buying lot of shoes.
I walked in a Branch of Barclays whilst still on the phone to the fraud team, and the cashier cut up my card (having given me £200 is cash!)
 
"Considering what a small percentage of accounts Revolut has compared to the high street banks" 45 million customers worldwide, according to beeb news
 
The opposite side of the coin is that Revolut are trying to cut down on fraud. Recently, on holiday , I couldn’t get at my own money. When eventually speaking to fraud team the chap said it is only going to get harder for the ordinary customer. I was in an out of signal phone area so couldn’t respond to their texts.
 
swemmy666 said:
"Considering what a small percentage of accounts Revolut has compared to the high street banks" 45 million customers worldwide, according to beeb news
Click to expand...
You made me look up numbers of customers:

Barclays 48m customers
HSBC 40m
Lloyds 37m
Monzo 10m
Starling 4m

I admit they have more customers that I thought, but even on a percentage basis it still makes Revolut the worst performing bank on fraud by far.

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Bottom line is if you have a lot of money in cash, then you need to have a lot of bank accounts at different banks.

I have a business account which from time to time gets in or spends a large amount of cash in a very short period,
I make a point of every time it gets over a certain amount I move a chunk to another bank, and then move it back when needed.

Remember the banks are now limited to only repay up to £85k in the case of fraud.
Therefore NEVER have more than £85k in any one bank
(This includes shared accounts, spousal accounts, Executor and Charity accounts etc)
It means if you are the Chairman or Secretary of the local Golf Club, make sure they do not use the same Bank as you do personally.
 
Brains said:
You made me look up numbers of customers:

Barclays 48m customers
HSBC 40m
Lloyds 37m
Monzo 10m
Starling 4m

I admit they have more customers that I thought, but even on a percentage basis it still makes Revolut the worst performing bank on fraud by far.
Click to expand...
Revolut had 45 million customers
 
How are criminals able to set up accounts (especially with names like “Revolut fees” and “Revolute fees care”)? What checks were carried out by Revolute?

Starling was recently fined £28.9m for failings in their financial crime systems and controls.

Yes, individuals have to take more responsibility but banks need to up their game too.
 
Two on Tour said:
and still Revolut customers are not covered by the Financial Services Compensation Scheme (FSCS).
Click to expand...
True - which is why we don’t keep a lot of funds in it . It’s excellent for our use

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Brains said:
Considering what a small percentage of accounts Revolut has compared to the high street banks, the numbers are dreadful.
It should also be noted that Revolut (and Monzo) are not yet technically a "bank".
Click to expand...
Revolut have about 10 million UK customers compared to 20 million from Barclays. So it's still bad, but not orders of magnitude bad.
 
Two on Tour said:
........ and still Revolut customers are not covered by the Financial Services Compensation Scheme (FSCS). ;)
Click to expand...
That is because Revolut are not a registered Bank.

(Nor is Monzo, however the other major players in the market, including Starling, are actually proper registered banks)
 
Guigsy said:
Revolut have about 10 million UK customers compared to 20 million from Barclays. So it's still bad, but not orders of magnitude bad.
Click to expand...
It makes Revolut two and a half time worse than Barclays.
(A Degree of magnitude is normally about 1/10th, they are 25 tenths worse!)

Basis the above figures;
Barclays is about one per 2,500 customers
Revolut is about one per 1,000 customers

or Revolute has an issue with about 0.100%
& Barclays has an issue with about 0.025%

Lets put it this way, there is no way I'm using Revolut in the foreseeable future.

However following the report Revolut will need to spend some serious time and money installing security.
They are also in the process of applying to be a registered bank.
Therefore it's possible within three years their security will overtake the high street banks and Starling.
 
Brains said:
It makes Revolut two and a half time worse than Barclays.
(A Degree of magnitude is normally about 1/10th, they are 25 tenths worse!)

Basis the above figures;
Barclays is about one per 2,500 customers
Revolut is about one per 1,000 customers

or Revolute has an issue with about 0.100%
& Barclays has an issue with about 0.025%

Lets put it this way, there is no way I'm using Revolut in the foreseeable future.

However following the report Revolut will need to spend some serious time and money installing security.
They are also in the process of applying to be a registered bank.
Therefore it's possible within three years their security will overtake the high street banks and Starling.
Click to expand...
The implication was that Revolut is tiny. Which isn't the case. Like I said, it's bad. But not 10 times worse. I bet some of the difference can be explained by the types of customers Revolut generally have.

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