The announcement comes shortly after a BBC Panorama investigation into Revolut revealed that the digital bank was named in more fraud complaints than any other major UK bank in 2023, with customers mentioning that they were not safeguarded when targeted by scammers. According to BBC, considering that Revolut has rapidly scaled its operations in recent years, currently holding over 45 million customers globally, and due to its features, like competitive foreign exchange rates and accounts that can be opened faster compared to traditional banks, many individuals tend to be attracted to the organisation’s offering.
When asked to comment on the over 100 individuals who shared their cases with BBC, Revolut mentioned that such issues should be raised through their app. In addition, the digital bank underlined that in 2023 the number of fraudulent transactions leveraging its service dropped by 20% and also that it prevented GBP 475 million worth of potential fraud losses.
After the investigation concluded, more than 100 individuals came to BBC sharing their experiences with how Revolut treated them after being scammed. For example, among the cases was one person who lost nearly GBP 165,000 from his Revolut business account due to a scam. The fraudsters told them that their account might have been compromised by being on shared Wi-Fi, tricking them into providing enough information to enable the scammers to put their Revolut account onto their device. Soon after the individual realised that they were being scammed, they contacted Revolut. However, no dedicated helpline was available, with only a chat function being accessible to customers. Scammers took GBP 67,000 in the 23 minutes that Revolut’s support took to respond and freeze the account.
Moreover, an NHS consultant came forward to communicate their experience with Revolut, with the person losing approximately GBP 39,000 in May 2024 when fraudsters deceived them into transferring money into their Revolut account and offering access to it. After realising what happened, the person contacted Revolut to complain but the company informed them in a letter seen by BBC that they would not receive a refund as they had authorised the scammers to use the card.
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