Revolut insists its systems are secure

Brendan Burgess

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Revolut insists systems are secure as customers tell of losing funds to scammers

Digital bank Revolut has insisted its payment systems are robust and that it takes fraud seriously.
www.independent.ie

I imagine that they are secure, but the problem with Revolut is the impossibility of dealing with anyone when you have a problem.

Asked if its systems were being hacked, Revolut did not answer that question. It was also asked if Irish people would be wise to avoid using Revolut for their main current account as some say the company is hard to deal with when there is a problem.

It said: “We are very sorry to hear about any instance where our customers are targeted by ruthless and highly sophisticated criminals.”

It said fraud cases at Revolut represent a very small percentage of its large and expanding customer base, but protecting customers is always its top priority.

“Revolut takes fraud and the industry-wide risk of customers being coerced by organised criminals incredibly seriously,” it said. “We have robust protections in place for our millions of customers and analyse over half a billion transactions a month.”

It said it offers support on its app, via chat, “because it’s the most secure method to communicate with customers”.
 
People use neobanks and traditional banks offer pretty much the same products but people use them for very different things (on average). There is so much more that will drive fraud vulnerability than systems:

  1. Traditional bank and credit union customers are older and transact less
  2. Neobanks are more used for a lot of small day-to-day purchases
  3. Traditional banks used more for standing orders and direct debits where fraud is less common
  4. People use neobanks much more for occasional transactions with strangers: classified purchases, charity donations, etc
  5. Neobanks used more outside home country which is traditionally higher risk

I have no inside knowledge but I suspect that the above vary much more than the prevention and detection systems.
 
tomdublin said:
But the "support" is largely offered by chat bots and unless this changes most people will not make Revolut their main account. Seems they are missing a trick here.
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They are not really - customers don't pay fees so don't get the full "in person" service you get with a normal bank you are paying 72 euro plus a year to plus other charges. You get what you pay for there. The risk is that if something goes wrong, there's nobody on the phone to answer your call.
 
Brendan Burgess said:
More customers losing money and only getting it back after the Indo gets involved
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From on here and elsewhere there is not a hope in hell I'd bank with a non real bank.

Why Revolut is asking suspected scam victims to take selfies

The banking app said intervention aims to make victims stop and think about risk
www.telegraph.co.uk

Revealed: Britain’s worst banks for fraud complaints

Digital bank hit with most grievances left 1,000 scam victims out of pocket for months
www.telegraph.co.uk

Revolut is the most complained-about bank for fraud disputes, new data has revealed.
Revolut and Monzo were among the most complained-about banks for fraud despite being smaller players in the banking sector in terms of their customer base.
 
Revolut is even fighting with the Customer's champion

Revolut fraud payout row leaves 1,000 victims in limbo

Cases involving £34m in refunds have been put on hold
www.telegraph.co.uk


A thousand fraud victims could be stuck in limbo because of an ongoing row between Revolut and the Financial Ombudsman Service.
The Telegraph understands that victims of Authorised Push Payment (APP) fraud have been left out of pocket for months as Revolut is pushing back on the adjudicator’s recommendations to refund them in some cases.
This has prompted the Financial Ombudsman (FOS) to put a number of APP fraud complaints involving Revolut on hold until it can find a resolution with the challenger bank.
CEL Solicitors said it has a thousand clients whose complaints have been delayed because of the dispute. In total these Revolut customers are fighting to reclaim £34m in fraud losses.
 
It's more a story of someone who had their phone hacked than someone who was shafted by revolut.
 
Revolut''s new facial recognition lock for transfers and it seems pretty clever. Hard to see how any unauthorized transfers can take place once it's been activated.
 
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