Revolut: Difference between revisions
SCRIPTERBLOX (talk | contribs) Added "Revolut verify ID email spam" incident |
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''' | '''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 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> | |||
=== 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 their sharing 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 | *Phone number | ||
*Date of birth | *Date of birth | ||
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*Microphone permissions without disclosure as to why | *Microphone permissions without disclosure as to why | ||
====Further data Collected:==== | =====Further data Collected:===== | ||
*"details of the device you use (for example, your phone, computer or tablet)" | *"details of the device you use (for example, your phone, computer or tablet)" | ||
*IP address | *IP address | ||
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*Behavioural biometric data | *Behavioural biometric data | ||
*Detailed device settings | *Detailed device settings | ||
*GPS location <ref>{{Cite web |title=Revolut Privacy Policy |url=https://www.revolut.com/legal/privacy/}}</ref> | *GPS location <ref>{{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== | ||
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==See also== | ==See also== | ||
*[[Chase Bank]] | *[[Chase Bank]] | ||
*[[PayPal]] | *[[PayPal]] | ||