Revolut has been named in more fraud complaints than any major UK bank this year.
- An investigation revealed over 10,000 fraud complaints linked to Revolut, outnumbering traditional banks.
- A customer reported losing £165,000 due to ineffective security and inadequate support from Revolut.
- Industry insiders suggest a focus on product launches over financial crime prevention at Revolut.
- Revolut criticises social media giants, demanding better fraud prevention measures and accountability.
Revolut has emerged as the leader in fraud complaints among major UK banks, with nearly 10,000 cases reported over the past year, as found by a BBC Panorama investigation. This figure surpasses the complaint numbers of Barclays by approximately 2,000 and more than doubles the cases for its fintech competitor Monzo.
A notable case involved a customer who experienced a theft of £165,000 from their Revolut business account. The customer pointed out flaws in the security system, citing the absence of a direct helpline and delayed support via the app’s chat function as key issues.
Sources within Revolut highlighted a prioritisation of product innovation over rigorous financial crime prevention measures. Despite this, Revolut maintains that it enforces a high-performance culture aimed at delivering positive outcomes for customers, with a substantial portion of their workforce dedicated to preventing financial crime.
Revolut has voiced criticism towards social media companies, particularly targeting Meta, for insufficient actions against digital fraud. Revolut’s head of financial crime, Woody Malouf, emphasised that these platforms perpetuate fraud, leaving financial institutions and victims to bear the costs without sufficient incentives for the platforms to address the issue.
In response to increasing regulatory demands, Revolut is adjusting its policies as it transitions into a full-scale bank. A recent change in customer account closure procedures allows the firm to shut down accounts without a ‘good reason’, aligning with industry standards.
The increasing fraud complaints and policy changes indicate Revolut’s ongoing challenges in navigating financial regulations and customer protection.
