3 unauthorised payments on Revolut


I am basing it on my expertise working in fraud risk management. In fact the approach BoI is taking whilst it might be beneficial to an individual is not the right approach and one of the reasons why 'friendly fraud' is on the rise. If anything Revolut has a better fraud detection system in place because they scrutinizing chargeback claims instead of just accepting them.

I would put significant money on Revolut having a far better fraud detection system in place than BoI.

The many posts on reddit etc are a drop in the ocean in terms of the volume of payments that Revolut are processing on a daily basis. If they truly had a systemic fraud problem they would not be operational as Visa/Mastercard would have cut them off. You also have to note that Revolut is serving a much larger customer base than BoI and such their fraud exposure can be different meaning they might have to adhere to the rules stricter than a BoI who only serves Ireland.

Your other point is related to customer service which isn't directly related to fraud.
 
Perhaps the people on Reddit are like your good self trying to blame financial institutions when it transpires your phone was stolen.
 
This doesn't answer why Revolut makes incorrect decisions on deeming transactions minutes prior (to ones they do deem as fraud) as legitimate. How is that the correct approach? I fail to see where the scrutinising comes in.

DublinHead54 said:
I would put significant money on Revolut having a far better fraud detection system in place than BoI.
Click to expand...
But yet the reality is people have money stolen because of Revolut's approach which you term as "correct".
But are the complaints a drop in the ocean? Statistics in the UK say otherwise and Revolut's transaction volume there would be much smaller than those of the traditional banks so the complaints per user base would be far higher.

Revolut fraud complaints to Ombudsman outstrip all banks - Which? News

Customers who've lost money are going to the Financial Ombudsman Service
www.which.co.uk
 
To defend a chargeback, you have to be able to prove you provided a service and the transaction was approved. So if the shop in question can provide proof that a service or goods were given and if the system says, the transaction was approved then it becomes a "he said/she said" argument.

My experience, as working for an online retailer in the past, is that the majority of chargebacks can be defended successfully. Key question here really is, was the transaction approved and if so, how. So
  • was the OP's phone or app cloned in someway,
  • were their log in details exposed in some way, either accidentally or via a hack or malware.
  • had the OP in someway marked a merchant as a trusted merchant meaning 3ds and alerts were not triggered
  • Was the merchant's site itself cloned and then masked in some way
  • Is this a redirect fraud where somewhere along the line, a genuine transaction gets cloned or redirected somewhere else. Redirects are becoming a major focus on PCI compliance
 
dubliner8 said:
This doesn't answer why Revolut makes incorrect decisions on deeming transactions minutes prior (to ones they do deem as fraud) as legitimate. How is that the correct approach? I fail to see where the scrutinising comes in.
Click to expand...

I don't have all the details in this case, maybe it is bad customer service, but there is a path to raise a legitimate chargeback.

dubliner8 said:
But yet the reality is people have money stolen because of Revolut's approach which you term as "correct".
Click to expand...

You have twisted my words. It is standard practice to investigate chargebacks claims, not everyone does it. Who do you think pays? The bank isn't handing over their own money back to you, they pass it down to the merchant. So whilst you may get the benefit of getting your money back and think the Bank did a good thing, they've just passed the cost to the merchant and per my earlier comment this is exploited by fraudsters also. If you owned a business how would you feel if banks just pushed every chargeback cost back to you?

If chargebacks aren't investigated that would mean everything I ever buy online I could just raise a chargeback that I never received it and never pay for anything (in the extreme).

In the situation of Revolut they likely have higher fraud rates thus are questioning chargebacks more, as soon as BoIs rates hit a certain threshold they will do the same then you will be complaining about BoI.
 

Agree with all that, but that's usually when the issuing bank has pushed the chargeback through right and then the merchant has the ability to challenge it? In this case the Op is saying revolut have refused the chargeback when they likely have no liability. OP seemed to suggest it was an Antiques store in Chile, so I assume it is a case of Card Not Present in which the merchant would have a payment processor who would likely take the hit and then try and reclaim funds from the merchant.

I just find it strange that the issuing bank would decline a chargeback on a Card-Not-Present Fraud. If they have, then a formal complaint should be made.
 
Chargeback rules changed a couple of years ago when 2fa became mandatory.

If 2FA is enabled, then the only reason for chargeback is non delivery or non supply for "card not present" transactions.

If it's a physical transaction, PIN or other security confirmation (phone) means the transaction can't be challenged.

The only area a retailer needs to be very careful with is phone orders where the card number is physically keyed in. In that situation the retailer has to be sure of the validity
 
Hi Sinead123.

Sorry to hear about the fraudulent transactions that have happened to you in regards to Revolut.

The same thing happened to me when on holiday in Portugal on the 08 of May this year. I made the last purchase with my Revolut card at 10:05pm and then at 10:55 to 10:56pm within the hour I had travelled from Portugal to wait for it Santiago Chile and spent money in a gift shop clothes shop and coffee shop.

When I put a chargeback on the fraudulent activity they replied that it was not a fraudulent case as my card number and pin had been used in the transaction. Like you I did not not receive a transaction text message about the 3 transaction either. Very strange that whoever done this was able to not overdraw my account, if yours was the same?

I used to move money from my Revolut vault to my main account in dribs and drabs, it's only a debit card after all.Revolut don't want to know and won't help only bot answers. I received a final email from their complaints department.So all I have done is forwarded it and a complaint from to the Financial services pension ombudsman to see if they can do anything. Check them out on line.

Will be interesting to see if many more people had the same type of 3 fraudulent withdrawals.

Best of luck.
 
Wasn’t aware of these features in Revolut…good to know. Are these features available for piller banks current accounts?
I see in Revolut that Apple Pay is not impacted if these features are disabled. What does this mean?
 
Hello again Sinead123 . I sent in my complaint against Revolut and got a reply from the FSIO.ie they're very interested and surprised with the matter and looking into it. I would advise you and anyone else that this has happened to to do the same, especially if it was a 3 payment withdrawal.
 
Hi FarmerMel,

Same thing happened me this week (€280) from a petrol station in Italy while I was sitting in my living room in Ireland. and revolut and google pay are saying nothing to do with them. I got a final letter from revolut and submitted complaint to FSIO. Just wondering how you got on with it?
 
How did it all resolve out for both of you?? i have had 9 transactions taken from my account, Revolut are extremely hard to deal with, I have sent a letter of complaint to Revolut and i have received the final response from them, so my next step is FSIO.ie, just wondering if it all resolved out for you both in the end?


 
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