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I just had over a thousand Euros stolen and Revolut is siding with the thief
11–20 of 365 posts
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#12Thanks for posting this.
I haven't yet got on the 'challenger bank bandwagon' mainly due to laziness.
This has made me a lot more hesitant to do so. Certainly not with revolut, who are now notorious for a broken growth-first mindset.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#13Get an account with a reputable bank. In my bank I have a personal banker that I can contact (phone, email, message) in case I need anything (you will get this privilege after a certain amount of income per month, but it's easily reached if you work in IT). I was even able to get money back after I paid for something that I never received (simple debit card). And also many people forget that you may need a larger mortage or loan in the future and I don't think Revolut will help you with this. And in the case of my bank they have a modern mobile and web application, I am not missing anything (Face ID, Touch ID, virtual card generator, retrieve money from ATM with a generated code from the mobile app, open account from mobile app...).
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#14It 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?
In my case, it was because it's a thing that happens frequently. I set limits low and I routinely get transactions failing, so I raise/remove the limit and they retry.
It generally happens when recurring bill payments come through, so I didn't really think much of it, I did what I do when a transaction fails. If I had seen the amount, I definitely wouldn't have done anything like that.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#15Before I signed up for Revolut I did a bit of research and found some incidents that made me more cautious than usual. Unfortunately at the end of my analysis I found no better option, so I signed up. But knowing what I do, I have 2 rules:
- don't keep a significant sum there; not more than what I can afford to loose if things go wrong
- keep unused features disabled at all times, activate and deactivate features or card only when I want to use it. Practically my card is blocked until I want to use it and blocked again as soon as I paid.
My balance today is ~ $35. I will top up when I need to pay more, it is enough for a coffee, a snack or to fill in gas (I ride a bike, even with expensive European gas it's still ~ $25 for a full tank).
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#16It 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?
If it happened to be the day your bills go out, you might just assume you messed up in your planning.
And there's no weird transaction listed, so assuming it's a standing order wouldn't be unusual.
And yeah, "panic", the fees for missing payments on some bills can be fairly high so you probably can't wait till beyond 2pm that day.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#17[deleted]
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#18Get an account with a reputable bank. In my bank I have a personal banker that I can contact (phone, email, message) in case I need anything (you will get this privilege after a certain amount of income per month, but it's easily reached if you work in IT). I was even able to get money back after I paid for something that I never received (simple debit card). And also many people forget that you may need a larger mor…
Unfortunately, banks in Greece aren't in good shape or very convenient. I also just didn't think this could ever happen.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#19I used to like them but then this happened:
- they froze my account.
- they required documentation.
- the chat was broken. There was no way to contact them and send the documentation.
- I found them in Twitter, someone from Revolut passed my issue along. No one called me.
- They kept messaging me in the chat. I could see the numbers piling up but the chat was "opps something went wrong" and a blank page.
- I tried all: cache, restart etc...I didn't want to uninstall.
- after two weeks I took the big risk and uninstalled the app. It was very tense...I installed it again (it worked luckily) and I could finally chat again. Problem solved.
They never called me, I could not call them, the problem was on their end but I had to find a way and take the risks.
Never again.
Fintech is just banks with a sleek interface and no experience after all.
[EDIT: formatting]
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#20Under PSD2 this is illegal - sadly the implementation date is in Sep 2019. Appalling treatment and Revoult has been getting some bad press recently - you should complain to Financial Ombudsman - https://financial-ombudsman.org.uk (assuming you are dealing with Revolut UK, and they have not switched to Revolut Payments UAB for EU customers)