Revolut customers say e-money firm failed them after being scammed

Published On Oct 14, 2024, 2:22 AM

A report by BBC Panorama highlights serious security concerns surrounding Revolut, as customers reveal significant amounts of money lost to fraud. One customer reported losing £165,000 in an hour after being scammed via a phone call. Revolut has faced criticism for its slow response times and inadequate fraud prevention controls. Furthermore, data shows Revolut received more fraud reports than major traditional banks. The recent introduction of new regulations mandating refunds for fraud victims may pose financial challenges for the company, especially as it transitions to becoming a licensed bank.