Revolut: Difference between revisions
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{{ProductCargo | {{ProductCargo | ||
|Description=Financial technology company known for its free and subscription-based digital banking services | |Description=Financial technology company known for its free and subscription-based digital banking services | ||
| | |Type=Private | ||
|Category=Digital Banking | |Category=Digital Banking | ||
|Company=Revolut Group Holdings Ltd | |Company=Revolut Group Holdings Ltd | ||
|Website=https://revolut.com | |Website=https://revolut.com | ||
| | |Industry=Digital Banking | ||
|Logo=Revolut logo.svg | |Logo=Revolut logo.svg | ||
| | |Founded=2015-07-00}} | ||
''' | '''Revolut''' is a global financial technology company headquartered in London and founded in July 2015 by Nik Storonskiy and Vlad Yatsenko. As of March 2026, Revolut has over 70 million customers and supports transfers across more than 160 countries and regions. It was valued at $75 billion in November 2025. Its services include bank accounts, debit cards, credit cards, currency exchange, stock trading, cryptocurrency exchange and peer to peer payments. | ||
==Consumer-impact summary== | ==Consumer-impact summary== | ||
{{ | |||
===Forced app download=== | |||
The web experience cannot be used to make purchases, but only to check account balance, limited transaction history, control cards freezing, PIN lock, and other card security settings. This effectively forces the user to make use of the mobile app.<ref>{{Cite news |last=Gory |first=Colm |date=1 Dec 2020 |title=Revolut launches ‘highly requested’ web app for desktop users |url=https://www.siliconrepublic.com/business/revolut-web-app-desktop-laptop |url-status=live |archive-url=https://web.archive.org/web/20250211014949/https://www.siliconrepublic.com/business/revolut-web-app-desktop-laptop |archive-date=11 Feb 2025 |access-date=27 Mar 2026 |work=Silicon Republic |pages=3}}</ref> | |||
===Freemium with personal data concerns=== | |||
Revolut earns money from subscriptions plans to access extra features. Most prominent being bigger withdrawal limits and travel insurance.<ref>{{Cite web |last=Emmanuel Chijioke |first=Peter |last2=Hipolito |first2=Mirjan |date=10 Feb 2025 |editor-last=Johnson |editor-first=BJ |title=Revolut Fees Review |url=https://tradersunion.com/brokers/digital-banks/view/revolut/fees/ |url-status=live |archive-url=https://web.archive.org/web/20250831230304/https://tradersunion.com/brokers/digital-banks/view/revolut/fees/ |archive-date=31 Aug 2025 |access-date=27 Mar 2026 |website=Traders Union}}</ref> Regardless of subscription status, Revolut optionally suggests that customers link their bank accounts to "give a complete picture of your spending and saving." While this access is read-only, it poses serious privacy concerns.<ref>{{Cite web |last=Dunne |first=Eithne |date=14 Mar 2021 |title=Put overspending to bed with a bank syncing app |url=https://www.thetimes.com/business/economics/article/put-overspending-to-bed-with-a-bank-syncing-app-2r85t8kqq |url-status=live |archive-url=https://web.archive.org/web/20251221134625/https://www.thetimes.com/business/economics/article/put-overspending-to-bed-with-a-bank-syncing-app-2r85t8kqq |archive-date=21 Dec 2025 |access-date=27 Mar 2026 |website=The Times and The Sunday Times}}</ref><ref name=":0">{{Cite web |date=12 Oct 2025 |title=Revolut |url=https://reports.exodus-privacy.eu.org/en/reports/com.revolut.revolut/latest/ |url-status=live |archive-url=https://web.archive.org/web/20251012101646/https://reports.exodus-privacy.eu.org/en/reports/com.revolut.revolut/latest/ |archive-date=12 Oct 2025 |access-date=12 Oct 2025 |website=εxodus}}</ref> Financial services are required by law to implement extensive Know Your Customer ([[wikipedia:Know_your_customer|KYC]]), but the issue of extracting ''more information than needed'' reflects a broader trend in the digital industry to lure customers into free services where sharing their personal information becomes the revenue strategy, effectively forcing unknowing customers to "pay with their data".<ref name=":0" /><ref>{{Cite web |last=Batista |first=Hugo |date=18 Apr 2020 |title=Revolut is sharing your data with Facebook. Here’s what you need to know. |url=https://medium.com/swlh/revolut-is-sharing-your-data-with-facebook-heres-what-you-need-to-know-cc511c7ab639 |url-status=live |archive-url=https://web.archive.org/web/20260214222032/https://medium.com/swlh/revolut-is-sharing-your-data-with-facebook-heres-what-you-need-to-know-cc511c7ab639 |archive-date=14 Feb 2026 |access-date=27 Mar 2026 |website=Medium}}</ref> Data which includes: | |||
*Phone number | |||
*Date of birth | |||
*Email address | |||
*Full legal name | |||
*Home address | |||
*Aircode | |||
*ID | |||
*Microphone permissions without disclosure as to why | |||
=====Further data Collected:===== | |||
*"details of the device you use (for example, your phone, computer or tablet)" | |||
*IP address | |||
*Browser type and version | |||
*Time zone setting | |||
*Device language | |||
*Operating system and platform | |||
*Type of device used | |||
*Whether a virtual private network (VPN) is used | |||
*A unique device identifier | |||
*Mobile network information | |||
*Mobile operating system | |||
*Type of mobile browser you use | |||
*Links clicked on the website or Revolut app (including date and time stamp) | |||
*Length of visits to certain pages | |||
*Page interaction information (such as scrolling and clicks) | |||
*Methods used to browse away from the page | |||
*Types of apps and other metadata about the device | |||
*Information from devices contacts list | |||
*Behavioural biometric data | |||
*Detailed device settings | |||
*GPS location <ref name=":1">{{Cite web |date=1 Jan 2025 |title=Revolut Privacy Policy |url=https://www.revolut.com/legal/privacy/ |url-status=live |archive-url=https://web.archive.org/web/20260220102621/https://www.revolut.com/legal/privacy/ |archive-date=20 Feb 2026 |access-date=27 Mar 2026 |website=Revolut}}</ref> | |||
==Incidents== | ==Incidents== | ||
This is a list of all consumer-protection incidents this company is involved in. Any incidents not mentioned here can be found in the [[:Category:{{FULLPAGENAME}}|{{PAGENAME}} category]]. | This is a list of all consumer-protection incidents this company is involved in. Any incidents not mentioned here can be found in the [[:Category:{{FULLPAGENAME}}|{{PAGENAME}} category]]. | ||
===App explicitly blocked on Android ROMs claiming data security reasons (''2024 - Present | ===App explicitly blocked on Android ROMs claiming data security reasons (''2024 - Present'')=== | ||
{{Main|Revolut blocked access for users with custom OS}} | {{Main|Revolut blocked access for users with custom OS}} | ||
In November 2024, Revolut pushed an update that removed support to users with custom OS on their device. The change was announced through an in-app message, which was shown after a user tried to log in. The change also affected users whom already had an account and funds at the Company. | In November 2024, Revolut pushed an update that removed support to users with custom OS on their device. The change was announced through an in-app message, which was shown after a user tried to log in. The change also affected users whom already had an account and funds at the Company. | ||
== | ===Revolut verify ID email spam=== | ||
{{ | {{Main|Revolut verify ID email spam}} | ||
When a customer does not complete their account setup Revolut sends them 7 emails to pressure them to finish account setup. | |||
===Revolut blocking Lyca Mobile automated payment blocking=== | |||
{{Main|Revolut blocking Lyca Mobile automated payment blocking}} | |||
Revolut explicitly disables the option to end automated payments to Lyca Mobile | |||
==Repeated failure to prevent fraud== | |||
Revolut has a repeated history of being one the most frequently named financial institutions in UK fraud complaints.<ref>{{Cite news |date=2024-08-14 |title=‘I lost £165k to fraud in an hour’ - customers say they were let down by Revolut |url=https://www.bbc.com/news/articles/cj6epzxdd77o |url-status=live |archive-url=https://web.archive.org/web/20260217213403/https://www.bbc.com/news/articles/cj6epzxdd77o |archive-date=2026-02-17 |access-date=2026-03-31 |work=BBC}}</ref><ref name=":2">{{Cite news |date=2024-04-24 |title=Revolut fraud complaints to Ombudsman outstrip all banks |url=https://www.which.co.uk/news/article/revolut-fraud-complaints-to-ombudsman-outstrip-all-banks-aNVWh6O36Jfw |url-status=live |archive-url=https://web.archive.org/web/20260304131535/https://www.which.co.uk/news/article/revolut-fraud-complaints-to-ombudsman-outstrip-all-banks-aNVWh6O36Jfw |archive-date=2026-03-04 |access-date=2026-03-31 |work=Which?}}</ref><ref>{{Cite web |title=DRN-4189491 |url=https://www.financial-ombudsman.org.uk/decision/DRN-4189491.pdf |url-status=live |archive-url=https://web.archive.org/web/20250827233450/https://www.financial-ombudsman.org.uk/decision/DRN-4189491.pdf |archive-date=2025-08-27 |access-date=2026-03-31 |website=Financial Ombudsman Service (UK)}}</ref> The number of complaints of fraud reported to [https://www.reportfraud.police.uk/ Action Fraud], the UK reporting centre for fraud and cybercrime, by Revolut customers rose from 567 in February 2023 to 1,086 for February 2024.<ref>{{Cite news |title=I'm a victim of scammers. But Revolut says 'no' to a refund |url=https://www.theguardian.com/money/2024/apr/10/im-a-victim-of-scammers-but-revolut-says-no-to-a-refund |url-status=live |archive-url=https://web.archive.org/web/20251201233704/https://www.theguardian.com/money/2024/apr/10/im-a-victim-of-scammers-but-revolut-says-no-to-a-refund |archive-date=2025-12-01 |access-date=2026-03-31 |work=The Guardian}}</ref> According to the Financial Ombudsman Service (FOS), it issued 3,458 fraud and scam-related 'views' to Revolut and its customers in 2023 surpassing any other provider.<ref name=":2" /> These issues arose in spite of the efforts to combat fraud, by doubling the number of employs tasked to deal with the matter between 2021 and 2023.<ref>{{Cite news |date=2023-10-31 |title=Revolut doubles financial crime headcount since 2021 to combat fraud |url=https://www.rte.ie/news/business/2023/1031/1413840-revolut-doubles-financial-crime-headcount-since-2021/ |url-status=live |archive-url=https://web.archive.org/web/20250915090530/https://www.rte.ie/news/business/2023/1031/1413840-revolut-doubles-financial-crime-headcount-since-2021/ |archive-date=2025-09-15 |access-date=2026-03-31 |work=RTE}}</ref> These issues persisted into 2024 where despite Revolut employing "Over 4,000 trained anti-financial crime professionals"<ref>{{Cite news |last=Saulsbery |first=Gabrielle |date=2024-07-25 |title=Revolut faces more fraud claims than other UK banks: report |url=https://www.paymentsdive.com/news/revolut-faces-more-fraud-claims-than-other-uk-banks-report/722353/ |url-status=live |archive-url=https://web.archive.org/web/20260526081946/https://www.paymentsdive.com/news/revolut-faces-more-fraud-claims-than-other-uk-banks-report/722353/ |archive-date=2026-05-26 |access-date=2026-05-26 |work=Payments Dive}}</ref> it faced 3,242 cases escalated by consumers over Authorized Push Payment (APP) fraud<ref>{{Cite web |title=Revolut’s Security Weaknesses and Fraud Reimbursement Failures (2020–Present) |url=https://revolutscamalert.com/revolut-security-and-refund-failures/ |url-status=live |access-date=2026-05-27}}</ref> and in 2025 with 1,875 new cases on Revolut, being more than 700 cases ahead of Barclays, this is whilst Revolut serves a significantly smaller customer base of around 12-13 million whilst Barclays serves more than 20 million.<ref>{{Cite news |last=Cavaglieri |first=Chiara |date=2025-10-01 |title=Revolut still the worst UK firm for fraud complaints, warns Which? |url=https://www.which.co.uk/news/article/revolut-still-the-worst-uk-firm-for-fraud-complaints-warns-which-axqr43W94wLn |url-status=live |archive-url=https://web.archive.org/web/20260424055527/https://www.which.co.uk/news/article/revolut-still-the-worst-uk-firm-for-fraud-complaints-warns-which-axqr43W94wLn |archive-date=2026-04-24 |access-date=2026-05-04 |work=Which?}}</ref><ref>{{Cite news |last=O'Connor |first=Kieran |date=2025-10-02 |title=Rising fraud disputes put Revolut back in the spotlight |url=https://paymentexpert.com/2025/10/02/app-fraud-disputes-revolut-uk/ |url-status=live |archive-date= |access-date=2025-10-02 |work=Payment Expert}}</ref> | |||
Furthermore these issues spark concerns surrounding the aforementioned extensive data collection<ref name=":1" /> not being effective in preventing fraud. | |||
==Poor customer support== | |||
Whilst a broad trend in most industries, Revolut customer support is widely considered severely lacking. According to users most of the time they are put into a conversation with a bot and even if they manage to get through to a human their issues such as fraud will often be ignored<ref>{{Cite web |date=2026-04-26 |title=Revolut is the absolute pits when something goes wrong |url=https://www.reddit.com/r/ireland/comments/1stx2dg/revolut_is_the_absolute_pits_when_something_goes/ |url-status=live |archive-url=https://web.archive.org/web/20260504081220/https://www.reddit.com/r/ireland/comments/1stx2dg/revolut_is_the_absolute_pits_when_something_goes/?solution=53118598e5ad0f7953118598e5ad0f79&js_challenge=1&token=bbbe4bf1c9a2b5160829c4be34da58617f0226add79df55361ad99316696a63a&jsc_orig_r= |archive-date=2026-05-04 |access-date=2026-05-04 |website=Reddit}}</ref><ref>{{Cite web |date=2025-07-01 |title=Revolut acts like they'll help in public, but will do nothing regardless. This is how they treat their customers. Be warned. |url=https://www.reddit.com/r/Revolut/comments/1m1lq79/revolut_acts_like_theyll_help_in_public_but_will/?solution=0a17fa3c36299e110a17fa3c36299e11&js_challenge=1&token=bbbe4bf1c9a2b5160829c4be34da5861b421f053ed82652cadb23b3e88730080&jsc_orig_r= |url-status=live |access-date=2026-05-27 |website=Reddit}}</ref> or they will be continuously told to escalate the ticket where this would repeat.<ref name=":3">{{Cite web |date=2025-08-01 |title=Has anyone had bad experiences with Revolut? |url=https://www.reddit.com/r/CasualIreland/comments/1nbsmnu/has_anyone_had_bad_experiences_with_revolut/ |url-status=live |archive-url=https://web.archive.org/web/20260504075218/https://www.reddit.com/r/CasualIreland/comments/1nbsmnu/has_anyone_had_bad_experiences_with_revolut/?solution=36349442c3f7bef136349442c3f7bef1&js_challenge=1&token=bbbe4bf1c9a2b5160829c4be34da58616e08d8168d7144b1cca4aef7f2b3d72f&jsc_orig_r= |archive-date=2026-05-04 |access-date=2026-05-04 |website=Reddit}}</ref> In some cases customers claimed that support would poorly handle procedures such as transferring car insurance to another vehicle reportedly "two weeks after [the customer] returned it."<ref name=":3" /> | |||
==See also== | ==See also== | ||