Revolut scam

[Brains]

The implication was that Revolut is tiny. Which isn't the case. Like I said, it's bad. But not 10 times worse. I bet some of the difference can be explained by the types of customers Revolut generally have.

I must admit, I was surprised how many customers Revolut had when compared to the high street banks.
Which for a company that is only 9 years old and not even a bank, they have a very impressive number of clients.

 

[Guigsy]

I must admit, I was surprised how many customers Revolut had when compared to the high street banks.
Which for a company that is only 9 years old and not even a bank, they have a very impressive number of clients.

I've got two Barclays accounts that I haven't touched in a decade. I suspect a lot of the old firm banks have a lot of dormant accounts, just due to their age.

 

[Brains]

I've got two Barclays accounts that I haven't touched in a decade. I suspect a lot of the old firm banks have a lot of dormant accounts, just due to their age.

I make a point of keeping all my accounts 'alive' and all data up to date.
You never know when you might need them !

My Executor (poor sod) is going to have to sort it all out one day, so I make it as easy as possible.
(As I'm still trying to obtain a sizable chunk of money held by deceased sister, she 'only' died 8 years ago)

 

[David BW]

It seems that the complaints are from those who have allowed themselves to be scammed by not following taking sensible precautions. I wonder if all the complaints are just that Revolut won't pay for losses in those circumstances then the story is perhaps carrying the wrong headline.

 

[Jimbohorlicks]

The article on the news had a recorded phone conversation from a very poor English speaking person that I could hardly understand. I'm sorry but anyone who calls me with a similar accent is high on my probability list of being a scammer. I would not download anything transfer anything or give any details to anyone with such a poor spken English.
If my bank accounts or card is being compromised then that's up to the bank to sort it out.

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[gus-lopez]

View attachment 964885
Considering what a small percentage of accounts Revolut has compared to the high street banks, the numbers are dreadful.
It should also be noted that Revolut (and Monzo) are not yet technically a "bank".

For those of us wondering which Bank (certified bank), to use to hold a Euro Account, I'd still back Starling as being the best all round bank.
Especially as they failed a recent security drill audit (no money taken), so they will now be upping their security to the highest possible level.

Starling have a button on their app (as do Barclays and possibly others) to immediately freeze all cards.

Revolut = 45 million
Hsbc= 40 million
lloyds= 21,5 million
Monzo = 4 million
I have them all

 

[gus-lopez]

Which for a company that is only 9 years old and not even a bank,

You need to qualify this with "in the Uk".
Until january 31st 2020 Uk account holders were covered by eu banking licences.
the 35 million customers outside the Uk are all covered by the eu regulations up to 100k

 

[swemmy666]

In addition, the nature of the businesses are different, so it is possible that Revolut and the online card users were more likely to be targeted, so what you really need to see is % of frauds intercepted for each of the banks rather than just the headline figure.

 

[wolfie2]

And despite all of the above, the Regulators are still proceeding with their application to become a bank. Maybe this should be taken as an opportunity shut the door before the horse has bolted.Tell them, when your complaints / fraud issues are at mid table or less, come back and have a chat BUT not before

 

[ianp]

You made me look up numbers of customers:

Barclays 48m customers
HSBC 40m
Lloyds 37m
Monzo 10m
Starling 4m

I admit they have more customers that I thought, but even on a percentage basis it still makes Revolut the worst performing bank on fraud by far.

Not sure if "worst performing " rather than most targeted......

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[Abacist]

I must admit, I was surprised how many customers Revolut had when compared to the high street banks.
Which for a company that is only 9 years old and not even a bank, they have a very impressive number of clients.

Because most banks charge for foreign currency transactions which is where Revolut found their niche. Lots of people want foreign currency accounts for business as well as holidays.

 

[Spriddler]

And despite all of the above, the Regulators are still proceeding with their application to become a bank. Maybe this should be taken as an opportunity shut the door before the horse has bolted.Tell them, when your complaints / fraud issues are at mid table or less, come back and have a chat BUT not before

"No, Minister. You see, if the Regulator agrees to grant bank status to Revolut the department will need to take on more staff to handle all the complaints which will reduce the unemployment figure. In addition the department will need more space so would be relocated in the North East with the benefit of a lower wages bill and be popular with voters in the marginal constituencies".

 

[Dorset Diver]

And despite all of the above, the Regulators are still proceeding with their application to become a bank. Maybe this should be taken as an opportunity shut the door before the horse has bolted.Tell them, when your complaints / fraud issues are at mid table or less, come back and have a chat BUT not before

Makes sense to me.

 

[Brains]

Because most banks charge for foreign currency transactions which is where Revolut found their niche. Lots of people want foreign currency accounts for business as well as holidays.

There is no such thing as "free foreign exchange"

Every bank, including Revolut makes money from FX charges.
(Otherwise there is no point in offering the service, as it costs any bank a considerable amount to operate, it's one of their biggest expenses.)

Several of the online banks and other financial institutions offer FX at a sensible cost.
Currently I believe Starling is top of the pops at the moment as they are offering the highest rate of interest compared to the other online and high Street banks.
But Monzo and Revolut are not far behind.

All are beating the likes of Lloyds and Nat West etc.