Revolut: Difference between revisions
SCRIPTERBLOX (talk | contribs) m Added 2024 fraud stats |
SCRIPTERBLOX (talk | contribs) m Expanded →Repeated failure to prevent fraud |
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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. | ||
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==Repeated failure to prevent fraud== | ==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 | 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. | Furthermore these issues spark concerns surrounding the aforementioned extensive data collection<ref name=":1" /> not being effective in preventing fraud. | ||