Seems like the guy in the article was a bit stupid and did the exact things that banks tell you not to like giving personal info and 2FA codes to a cold-caller, but also that Revolut’s claims of biometric security didn’t stop the scammers nicking all his money.
I’ve not had much experience with the “challenger banks” but apparently Revolut gets the most complaints by a long way. Anyone got any similar stories?
It’s important to note that Revolut is not a bank. Had it been a bank provable fraud would be protected up to 85k under FCA regulations.
What kind of ***** runs a business out of a “e-money” company.
This is covered a bit in the article
In July this year, the UK banking regulator granted Revolut a provisional banking licence, and it is now on its way to becoming a fully-fledged bank.
“I think no government would want to have something of that size playing fast and loose with the rules.” However, she adds: “I suppose you could question, given there are so many complaints, whether Revolut should have a licence.”
They’re in the process of getting a proper UK license, though.
Also, Revolut has a European banking license for some years now.
And I’m not sure whether, after handing out your 2FA and other security details, your money is still covered under that 85k insurance. I know that German banks have a clause in their contract about this.
If it’s all authorised like this, it is technically a legit transaction. Revolut should have flagged it up for review though as per the article. I think card transactions are a bit different, as usually they don’t need to be authorised in the app, but this sounds like he spoke to a scammer, transferred them some money, handed out a 2FA code (something which banks always say “don’t give this to anyone, not even us”), and then was surprised when lots of money was transferred out of his account. I’m not sure Revolut are at fault here (other than not putting a hold on the transactions when they started to look out of character, but honestly the account was compromised by then anyway)
