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I just had over a thousand Euros stolen and Revolut is siding with the thief

stavros.io

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Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#41

Post by C1sc0cat »

Shivetya wrote: post #8

The 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…

The traditional banks have been getting a lot a negative press over large frauds criminals pretending to be solicitors in house purchases and making off with large sums.

The banks are claiming GPDR for not disclosing the fraudulent accounts criminals set up to receive £

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#43

Post by _petronius »

This is why I will always bank with the old-school banks. Being able to reach someone on the phone -- or even turn up at a branch -- makes it a lot harder for them to ignore you when there is a major issue that needs resolving. But then, my "traditional" bank has a very good app, and treats me extremely nicely, even when I've had all of a few euros (or less than zero euros) in my account.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#44

Post by italicbold »

stavros wrote: post #10
Dayshine wrote: post #5

It 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.

If you set it to 200, why did you then increase it by 1000- which is a) an insane increase and b) the perfect amount for the transaction to go through?

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#45

Post by mcherm »

mikl wrote: post #11

News flash: No corporation cares about you. Some might look good, but that is not because they care about you . It's because doing good things make their customers and employees happy, and thus keeps the money flowing.

Look, if your response to encountering terrible customer service is to declare that everyone has terrible customer service then you were likely to continue to receive terrible customer service.

If, instead, your response to receiving terrible customer service where to say "this company is awful!", and take your business to someone else with better customer service then perhaps the companies with better service will thrive.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#46

Post by krn »

C1sc0cat wrote: post #29
Peroni wrote: post #7

Revolut'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.…

Maybe there was an argument and the CFO was against turning off the money laundering and lost out and left over that.

The CFO resigned only after the documents passed to The Telegraph by a whistleblower showed that for three months in 2018 Revolut switched off an automated system designed to stop dubious money transfers[1].

[1] https://www.telegraph.co.uk/technology/2019/02/28/revolut-fa...

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#47

Post by ForHackernews »

> You can never rely on banks to give you your money back, since they want their fraud statistics to remain low, even if that means refusing you your money.

Isn't Revolut explicitly not a bank? I thought it was some kind of non-bank pseudo-gift card FinTech thing?

I've never had any problems disputing transactions with my normal regular boring bank that doesn't have an app.

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#48

Post by fevangelou »

StavrosK wrote: post #18
Daniel_sk wrote: post #13

Get 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.

Actually I had a similar issue with my Piraeus Bank credit card being stolen while I was on a trip in Italy (back in 2011). They charged my card over 3300 EUR after I returned to Greece. Went over to the nearest branch, looked at the transactions with the representative, signed a document that I never made them and that was it. No funds lost. All transactions were cancelled in a few days, new card issued.

Keep in mind that the fraudulent transactions were similar (air tickets etc.).

It's really sad that Revolut didn't even attempt to contact the ticket vendors. This must be nerve-cracking...

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#49

Post by zakk »

And that's why you should get a credit card from a real bank, rather than a debit card. With a credit card, in case of fraud, the bank will most likely side with you.

(Talking about Europe, not sure the same applies outside Europe, for instance the American banking system is quite different...)

Re: I just had over a thousand Euros stolen and Revolut is siding with the thief

#50

Post by Peroni »

glogla wrote: post #39
Peroni wrote: post #7

Revolut'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.…

Also Revolut CEO's father is CEO of Gazprom (or some division, I'm not sure I understand their structure). And it got it's money from DST Global incubator, which has Kremlin ties. Meaning, despite their London HQ, Revolut is Russian owned and Russian managed pseudo-bank. Giving them more money might not be great idea.

Considering both senior politicians in Lithuania and Luxembourg have raised formal concerns about Revolut's bid for a bank licence, specifically because of the CEO's alleged Kremlin ties, I'm willing to assume there's some substance to that concern.
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