Revolut: Difference between revisions

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===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 [[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:

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

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When a customer does not complete their account setup Revolut sends them emails to pressure them to finish account setup.

== Repeated failure to prevent fraud ==

==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>

@@ Line 18: / Line 18: @@
 ===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 [[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:
+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
@@ Line 63: / Line 63: @@
 When a customer does not complete their account setup Revolut sends them emails to pressure them to finish account setup.
-== Repeated failure to prevent fraud ==
+==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>