All I’m reading in this article is stupid people who don’t follow basic security practices. Why is any of this Revolut’s fault?
Because people are stupid and gullible and need protecting.
Revolut should be watching for suspicious transactions and blocking them like proper banks are required to do.
Revolut should be watching for suspicious transactions and blocking them like proper banks are required to do.
There’s nothing in the article to indicate this isn’t already the case. No suspicious activity algorithm will be foolproof. Also, revolut is certified as an actual bank in the EU, and subject to the standard bank regulations.
They aren’t a bank in the UK.
This article from about a week ago says that another guy was scammed and the scammers set up three new payees and made 137 payments totalling £165,000 within an hour to those payees. That definitely looks suspicious and should have been blocked.
Also, that victim tried to contact Revolut but they don’t have a fraud phone line and the only way to contact them is by sending messages from within the app and it took nearly 25 minutes for him to get the account frozen. That simply isn’t good enough.
Finally, that article says that Revolut has more reports of fraud against them than any other bank having 25% more than the next highest bank.
I said EU, not UK. But it turns out they ARE licensed in the UK as well.
I wasn’t correcting you. They are registered in the EU but not in the UK as far as I can tell and these complaints are from people in the UK. Maybe they have been approved but not completed the process yet.
Here is their page on the FCA https://register.fca.org.uk/s/firm?id=001b000002zyAwNAAU and it says under activities and services that they are registered for payment services and e-money but it doesn’t say that they do banking. It also says that they are not covered by the financial services compensation scheme.
If you look at the page for Barclays Bank (https://register.fca.org.uk/s/firm?id=001b000003WgItdAAF) you can see that it says that they do banking and are covered by the scheme.
But whether they are a bank or not, they definitely failed in their fraud prevention duties when they failed to detect and block 137 transactions to three new contacts in an hour.
I have two accounts with the same bank in two different EU-countries.
I need to call them to get interrogated for 20 minutes to get international transfers enabled for 24 hours, and for my other account as recipient only.
Revolut sounds like a dream for anyone who cares about their sovereignty. I hate being baby-sat by my bank.
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