A Revolut customer experienced significant distress and financial loss after his phone was stolen, leading to unauthorized transactions totaling £56,000 in cryptocurrency and luxury goods. Despite the fraudsters attempting 28 transactions amounting to £100,000, Revolut only flagged one transaction worth £5,690. The customer, James Smith, who works in the travel agency industry, spent nearly two weeks contacting Revolut daily to recover the funds to no avail. This ordeal left him mentally and physically unwell, prompting him to call on Revolut to enhance its security measures.
The incident occurred when Smith’s phone was stolen at the Royal Ascot races in late June. Shortly after the theft at 5pm, the criminals began making unauthorized transactions using Smith’s Revolut account. Astonishingly, they managed to bypass all security features, taking advantage of the situation and spending a substantial amount of money. Smith promptly reached out to Revolut, hoping for a resolution. Unfortunately, the thieves conducted transactions amounting to £100,000 within ten hours, with purchases from high-end brands such as Dior, Harrods, and Burberry. Fortunately, only half of the attempted transactions were approved by the retailers.
Revolut eventually blocked Smith’s card at 12.25am on June 25, but by that time, the criminals had already spent approximately £13,000. The only transaction that Revolut refused was a £5,690 payment for luxury goods from Burberry. Although Revolut requires customers to verify their identity for large transactions through a mobile phone message, this security measure was ineffective as the fraudsters had possession of Smith’s phone.
Smith, deeply affected by the incident, expressed his disappointment with Revolut’s failure to protect him. Originally drawn to Revolut for its convenience in foreign transactions, he now believes the company needs to prioritize security. He suggested implementing additional security measures such as push notifications and personal verification questions before transactions can proceed. The stressful situation took a toll on Smith’s emotional and physical well-being, leaving him feeling incapacitated.
It is worth noting that banks have varying policies when it comes to reimbursing victims of fraud. While they are obliged to refund customers for theft not caused by the customer, they may only partially refund victims who have been tricked into losing money. In Smith’s case, all his other bank and credit card providers promptly blocked his cards, preventing any financial loss. However, Revolut did not act as swiftly, resulting in Smith losing over £50,000. Desperate for updates, Smith contacted Revolut daily for almost two weeks without progress. Only after This is Money intervened on his behalf did Revolut reimburse him the full £56,000.
When asked about the incident and preventing similar situations in the future, a Revolut spokesperson expressed regret and assured that the company had reimbursed Smith after completing its investigation. They noted an increase in physical theft and highlighted Revolut’s commitment to protecting and supporting customers through new controls and prompts to update passcodes within the app. Additionally, Revolut mentioned the development of software utilizing artificial intelligence to detect fraudulent transactions.
In conclusion, the Revolut customer’s unfortunate experience highlights the need for continuous improvement in the financial firm’s security measures. It serves as a reminder for customers to remain vigilant and take proactive steps to protect their accounts.
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