Looking at the headline of the author "Greek. Amateur F1 driver. Technology enthusiast. Single parent. Liar." The word Liar stands out.
Really? "Amateur F1 driver" didn't? I'll have to add "Mars coloniser" then.
I just had over a thousand Euros stolen and Revolut is siding with the thief
71–80 of 365 posts
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#72News 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.
Sigh. Corporations consist of people and it is absolutely possible that a corporation (that is not too big) cares deeply about an issue. The whole improve the world stuff can be bullshit, but it can also be true. Besides, it does not matter here. Even if it's about doing good things to make customers happy it is noteworthy when a company stops doing that. Amazon had the best customer support ever and now screwed me o…
The people might care, yes. But the people are also bound up in a chain of command and fiduciary responsibilities that can (and often will) render their caring moot.
If you have the VCs or stockholders putting on the pressure to deliver more money, it can be really difficult to do the right thing.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#73The 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…
You do have one side, but I can show you the entire conversation. They don't have a phone number you can call, so that's literally the whole story.
Relevant parts of the chat may have been left out, though. Also there could be previous record.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#74"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"…
> You mostly can't talk to anyone No phone number should be a dealbreaker for banking. 99% of the time, you don’t want to talk to a banker. But that 1% of the time can make or break you for months or years. These start-ups ( e.g. Bank Simple, Revolut, et cetera ) prey on consumers who have only experienced the 99%. You don’t want to have a 1% event, like fraud, or an issue overseas, or a liquidity crisis, with a serv…
> 99% of the time, you don’t want to talk to a banker. But that 1% of the time can make or break you for months or years.
This is why I still use my local Sparkasse (credit union) and pay ~9€ a month. They can sort out pretty much everything instantly - need a second card for your s/o, a secondary account for handling freelancer income, or a loan? No problem, show up and get what you want.
Additionally: when you're up for buying a house and all the lender bank has to look is the credit score, you will be paying more interest than if you apply for a credit at the bank that has handled your business over decades. None of the "new online banks" does real estate financing.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#75Earlier quoted context omitted.
Them not having the license also means that the deposits aren't insured the way they normally are in EU, meaning you get nothing if things go wrong. We use Revolut around the office to split bills for lunches, etc, but I wouldn't keep more than few bucks in there.
edit: They have a banking license but current account customers now still get an e-money account only - quite confusing state. With an e-money account, the client money is supposed to be in a separate account and if they go under, you still get your money. (FCA regulates all this) They have a banking license from Lithuania (but customers are not switched to it) which might be revoked by Lithuania and they are trying…
Revolut received its banking license from Lithuania in December 2018, but hasn't switched its customers over yet. After the family connection with Gazprom became public, Lithuania started considering revoking the license, and Revolut applied for another one in Ireland. It's not clear now, when and which banking license Revolut will start using. It's worth pointing out, though, that Revolut already has more customers than there are tax payers in Lithuania[1].
[1] https://www.theguardian.com/money/2018/dec/22/lithuania-icel...
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#76And 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...)
EU as well and anecdotal; I have 3 dutch bank accounts with CCs, Spanish one with Debitcard and Revolut debit card. Chargebacks on the Spanish are the easiest; I mail my bank and they refund whatever I ask them no questions asked. Revolut does so as well but they ask questions. The Dutch Cc ones are the worst; they require a lengthy process and sometimes they still do not side with me even though it is rather obvious. However, if they detect them themselves (the fraud transactions) then they do reverse without issues: I am talking about the ones I report (over many years; it does not happen often, and only in countries that do not use chip and pin for most transactions like US, some places in HK etc).
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#77> 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.
They seem to be, as per last December: https://blog.revolut.com/we-got-a-banking-licence/
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Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#78Earlier quoted context omitted.
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?
I didn't increase it, because I didn't know the transaction amount. I just set it to "off", which was the default. I also did this on a few of my cards, since I didn't know which card was hitting the limit.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#79Earlier quoted context omitted.
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?
Even if he'd removed the limit entirely, that doesn't show intent to allow that specific transaction through. What if he was removing it to make a completely different payment? It seems like terrible UX to not allow/require individual approve/reject on transactions that triggered the limit.
> It seems like terrible UX to not allow/require individual approve/reject on transactions that triggered the limit.
This would have been a massive improvement, agreed. Maybe they have to make a call within a few seconds and can't ask your permission first, though, so maybe that's not possible.
Still, the notification could have shown "Your transaction to MERCHANT for AMOUNT on CARD was declined because of your limit". That would have avoided this whole disaster.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#80Earlier quoted context omitted.
Sigh. Corporations consist of people and it is absolutely possible that a corporation (that is not too big) cares deeply about an issue. The whole improve the world stuff can be bullshit, but it can also be true. Besides, it does not matter here. Even if it's about doing good things to make customers happy it is noteworthy when a company stops doing that. Amazon had the best customer support ever and now screwed me o…
The people might care, yes. But the people are also bound up in a chain of command and fiduciary responsibilities that can (and often will) render their caring moot. If you have the VCs or stockholders putting on the pressure to deliver more money, it can be really difficult to do the right thing.
This is the case with most modern companies which have outside investors. In contrast, employee-owned companies seem much more ethical and caring toward their customers.