Revolut's model is based on the phone being in the possession of the customer. The model falls apart once the customer is not in possession of the phone. The customer can't easily contact Revolut to report card/phone theft. And Revolut maintains that fradulent transactions by the thief are properly authorised because they were authorised in-app.
Contrast to the pillar banks who maintain 24 hour phone service whereby card theft can be reported, cards frozen, and chargebacks raised on fradulent transactions.
Contrast to the pillar banks who maintain 24 hour phone service whereby card theft can be reported, cards frozen, and chargebacks raised on fradulent transactions.