Scam complaints from Revolut users have more than doubled since 2020, as victims warn against prioritising convenience over security.
Complaints made to the Financial Ombudsman of “authorised” scams on the platform, when a person is tricked into sending money to a fraudster, have gone from 242 to 516 in just two years.
This compares with Monzo, which had 274 new complaints to the ombudsman so far in this financial year, or Starling, which had 193 in the same period.
Separately, Revolut suffered a data breach of tens of thousands of customers’ personal data in Sept 2022 following a cyber attack.
Tara, who lost £2,000 in an authorised push payment (APP) scam over the app, told The Telegraph: “All along, I should have just trusted a larger, more well-known institution, which just wouldn’t have data breaches of this scale.
“I prioritised convenience and I should have prioritised security.”
Fraudsters tricking people into moving money
Revolut, which is an Financial Conduct Authority authorised institution, offers bank accounts, debit cards, fee-free currency exchange, stock trading, cryptocurrency exchange and peer-to-peer payments on its app.
A recent fund-raising valued the company at £24 billion, making it worth more than NatWest and transforming it into Britain’s most valuable fintech firm of all time.
However, the digital banking upstart has not been granted a banking licence in the UK, despite its last application being in Jan 2021.
Additionally, in recent…
