Revolut: Difference between revisions

The web experience cannot be used to make purchases, but only for checking balance, limited transaction history, freezing or unfreezing cards, blocking and unblocking their PIN 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>

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 [[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:

*Type of device you use

*Whether your device uses a virtual private network (VPN)

*Your mobile operating system

== Repeated failure to prevent fraud ==

Revolut has a repeated history of being one if 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 |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 |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 |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 |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 since 2021 by doubling the number of employs tasked to deal with the matter.<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 |access-date=2026-03-31 |work=RTE}}</ref>