Revolut has been involved in nearly 10,000 reports of customer fraud in the UK. The BBC published a long and comprehensive article about the complaints received by Revolut, in which it made serious criticism.
The fintech company has achieved rapid growth through its digital services, but its security developments have not been in question for the first time. Now with more than 45 million clients worldwide, including nine million in the UK, the safety of client funds will become an increasingly pressing issue.
Huge losses
the In a report by the BBC A customer has detailed how he lost £165,000 after scammers gained access to his Revolut trading account. The scammers tricked him into a fake phone call pretending to be Revolut employees. While the scammers were still speaking to him on the phone, he authorized several transactions using codes sent in messages from Revolut. By the end of the phone call, £67,000 had disappeared from his account, but Revolut has not paid it since.
However, it will be your legal duty to return the money. In October, new legislation came into effect in the UK, under which payment service providers must compensate losses to victims of app fraud (Certified Instant Payment). The maximum recovery amount was set at 415 thousand pounds.
APP csalásnak azokat az eseteket nevezik, amikor az ügyfél maga utal pénzt egy csaló számlájára, amit később már nem tud visszaszerezni. Ez gyakran megtévesztés vagy manipuláció révén történik, például amikor a csalók megbízható személynek vagy intézménynek adják ki magukat, és így veszik rá az áldozatot a pénzküldésre. Az ilyen csalások során gyakran banki alkalmazottnak adják ki magukat.
Lots of scams on Revolut
According to one Revolut customer the BBC spoke to, the scammers tricked Revolut's facial recognition system, and the personal photo used to log in to the new device was not stored, so the transaction could not be recovered. According to the customer, Revolut's systems were supposed to immediately indicate that more than a hundred transactions had been made to new recipients within one hour. This was confirmed by Nina Kirkes, a fraud prevention expert at LexisNexis Risk Solutions, who said that this pattern of transactions should trigger a serious warning.
According to official data, Revolut is involved in the most fraud among all British banks. In addition, Revolut confirmed that it has invested heavily in its financial crime team, which currently represents more than a third of its global workforce. In their response, they stressed that they take the fight against fraud seriously.
source: BBC
The government also responded to the increasing fraud
The British government has introduced new legislation to combat financial fraud, which has caused a sensation in the banking sector. According to regulations, banks can withhold suspicious payments for up to 3 days to conduct a thorough investigation. While this may reduce customer experience, it is not necessarily bad news for fintech companies. Because they will have more time to investigate scams, which will definitely reduce their number.
(source: BBC)
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