I just had over a thousand Euros stolen and Revolut is siding with the thief
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Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#2Another PayPal, another decade.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#3Another PayPal, another decade.
PayPal almost always sides with the consumer, at least. Revolut's treatment was inexcusable. I've been a customer for three years and use them every day, I did not expect to be treated like this in a million years.
This would also never have happened if the message said anything more than "you've reached the limit". Even the mention of amount would have made me immediately suspicious. As it happened, I just didn't think of fraud, or know which card hit the limit, so I just went absent-mindedly fiddling with them.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#4"How hard must being a bank be, it's just a few numbers in a database."
After all those new-ish, app-based banks are for people with too much time on their hands. You mostly can't talk to anyone, and when they answer it's just a copy-paste from their FAQ. They also lack features, e.g. Kontist doesn't support international bank transfers. Support will tell you "well it could work, but we can't give you any assistance". I don't have six months until your development team understands and implements some protocol!
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#5It feels like the "unique" part that makes this something novel about this is that they claim you authorized fraud when you raised your limit, accidentally letting a transaction you couldn't see through.
So the scenario is roughly (numbers made up):
1. You set a £500 monthly card limit
2. Your card is stolen and somebody charges £1000
3. You get a notification saying you have hit your limit
4. The failed, fraudulent, transaction is not listed
5. You increase your monthly limit to £1500
6. The fraudulent transaction goes through
7. You can now see the transaction
8. You cancel your card and report the fraud
9. You're told by raising the limit you authorized the fraudulent transaction that you couldn't see before you raised the limit
That's insane...
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#6FWIW - having to wait for pending transactions to post before filing a chargeback is how traditional banks have treated me, and I'm guessing is probably just part of the Visa/Mastercard dispute resolution process (someone who knows better might correct me here). Though you'd think a next-gen mobile-only bank would be able to put some additional automation around the process so that they would contact you again on the day the transaction posts to confirm you want to go through with a chargeback, or something like that.
The rest of the story looks really, really bad for Revolut - I have never had a traditional bank speak to me like that before.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#7Revolut's CFO recently 'resigned' from the company in light of claims that Revolut switched off an anti-money laundering system that flags suspect transactions.
Revolut cited 'personal and health reasons' for the CFO's resignation. Whatever those personal and health reasons really were, they clearly passed quite quickly as within the space of a few weeks, said CFO has joined another FinTech company as their new CFO.
The company quite literally has the words "get sh*t done" in giant neon letters on their office wall. They live by the mantra of move fast and break things. That mantra is inevitably going to cause problems when your entire business is dealing with real money owned by real people in one of the most heavily regulated industries in the world.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#8The story is just bizarre and I do not understand how the card issuer/bank can act like that in good faith, of course we only have one side here. Still it really comes off as an organization who acting in a space they are not qualified to be in. Let me guess, they started out to disrupt this space?
anecdotal+ As for his comments about banks not wanting to act on fraud, I have had two fraudulent CC transactions in one year and both times I felt as in my bank and Visa did very well. I also had two issues with Ebay where they and PayPal reacted quickly in my favor. I think for the most part those who are experienced in this arena are quick to act to preserve their reputation because that is what people see, they don't see their "fraud" reports.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#9It feels like the "unique" part that makes this something novel about this is that they claim you authorized fraud when you raised your limit, accidentally letting a transaction you couldn't see through. So the scenario is roughly (numbers made up): 1. You set a £500 monthly card limit 2. Your card is stolen and somebody charges £1000 3. You get a notification saying you have hit your limit 4. The failed, fraudulent,…
Why would you raise the card limit? Panic?
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#10It feels like the "unique" part that makes this something novel about this is that they claim you authorized fraud when you raised your limit, accidentally letting a transaction you couldn't see through. So the scenario is roughly (numbers made up): 1. You set a £500 monthly card limit 2. Your card is stolen and somebody charges £1000 3. You get a notification saying you have hit your limit 4. The failed, fraudulent,…
It's even more insane because I set the limit to 200ish, so bill payments routinely give me that error message, so I didn't really think anything of it.
Also, apparently the declined transaction shows up, but it takes a while. It didn't show up on my list even though I got the notification, so I thought it just doesn't show and I went to the limits to raise them.