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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

#141

Post by thesimon »

mschuster91 wrote: post #74
JumpCrisscross wrote: post #38

Earlier quoted context omitted.

> 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 u…

> 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

[citation required]

In my experience neither credit score nor past business have a significant impact on interest rate. Price and value of the house is everything.

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

#142

Post by Aissen »

JumpCrisscross wrote: post #23
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,…

> you authorized the fraudulent transaction I don’t know European banking law. But in the U.S., this isn’t Revolut’s call to make [1]. They can issue the chargeback and then cancel your account, if they think you’re being screwy. But they can’t deny the chargeback unilaterally. OP should reach out to their national financial services regulator. [1] https://www.federalreserve.gov/boarddocs/supmanual/cch/efta.... Liabi…

Unfortunately chargebacks aren't as simple in the EU, in addition to country-specific rules that make them hard to use in some countries.

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

#144

Post by zapita »

glogla wrote: post #57
Peroni wrote: post #50

Earlier quoted context omitted.

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.

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.

There’s a YC company called Ysplit which solves this exact problem. I highly recommend it. ysplit.com

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

#145

Post by StavrosK »

nsgf wrote: post #130
StavrosK wrote: post #104

Earlier quoted context omitted.

It is :( Piraeus is pretty cool, their apps have been convenient. The biggest issue with me is that I can't split bills with my friends because it costs 3 euros and takes a day to send money to a different account, while Revolut makes that use case easy. Not "1057 EUR" easy, though.

Have you checked the bank's IRIS online payments?

I have not, I wasn't aware of it. I will look into it, thanks!

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

#146

Post by StavrosK »

luckylion wrote: post #131
StavrosK wrote: post #115

Earlier quoted context omitted.

They refused to give me my information too, though. I wanted all the data they had on my transactions so I could analyze my card usage. All the fraudulent transaction has is amount/merchant/date and card, it doesn't have any of the fraudster's info on it.

Would love to hear an update when/if you hear back from GDPR compliance officials.

I will update the post with any updates, if any.

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

#147

Post by stavros »

johnnycab wrote: post #123
stavros wrote: post #10

Earlier 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.

It didn’t even mention which card this transaction was on, just no trace. Thinking it was a recurring bill payment that’s getting declined, I started looking into my cards, disabling and re-enabling limits. I am guessing that you are the author of this blog post. For a long term user, you seem to have made a lot of assumptions and mistakes. You also seem to have a few cards on your account. I can't tell if you froze…

> For a long term user, you seem to have made a lot of assumptions and mistakes.

What were they?

> I can't tell if you froze ALL of your cards, either immediately upon discovering the fraudulent event or before raising/disabling limits and then 'deal' with the rogue virtual card afterwards.

I froze the card the charge was made on immediately after I discovered the fraudulent transaction, yes. I didn't freeze anything before removing the limit because I didn't think it was fraud until quite a bit after I saw the large transaction go through.

Initially I thought my work had used my card to book a trip for me or something similar. I didn't even imagine someone could have gotten my card details somehow.

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

#148

Post by Dayshine »

johnnycab wrote: post #123
stavros wrote: post #10

Earlier 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.

It didn’t even mention which card this transaction was on, just no trace. Thinking it was a recurring bill payment that’s getting declined, I started looking into my cards, disabling and re-enabling limits. I am guessing that you are the author of this blog post. For a long term user, you seem to have made a lot of assumptions and mistakes. You also seem to have a few cards on your account. I can't tell if you froze…

>Revolut is a pre-paid card. You can't expect expect the same level of protection or consumer rights, which are provided by a Credit Card or a bank registered in your jurisdiction.

Er, are you sure?

In the UK marketing: https://www.revolut.com/a-radically-better-account

it is described as "Free UK current account". That's the name of a full, normal, bank account. I would expect it to have the full consumer protection, FSCS, etc.

If it doesn't, they're committing some pretty massive advertising fraud...

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

#149

Post by JumpCrisscross »

treis wrote: post #126
JumpCrisscross wrote: post #125

Earlier quoted context omitted.

> All the CFPB did CFPB is a joke. Your state financial regulator and the Fed enforce Regulation E in the United States.

Do you have a link to where I should complain?

Google financial regulator. In New York, we have the DFS [1], for example.

Note that the rules are less strict for returns than for fraud. You’ll want to include proof of shipping the return, but the merchant and network have some discretion. (VISA is more consumer-friendly than MasterCard with return chargebacks; AmEx is the best.)

[1] https://www.dfs.ny.gov/

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

#150

Post by treis »

JumpCrisscross wrote: post #149
treis wrote: post #126

Earlier quoted context omitted.

Do you have a link to where I should complain?

Google financial regulator. In New York, we have the DFS [1], for example. Note that the rules are less strict for returns than for fraud. You’ll want to include proof of shipping the return, but the merchant and network have some discretion. (VISA is more consumer-friendly than MasterCard with return chargebacks; AmEx is the best.) [1] https://www.dfs.ny.gov/

>The Department does not regulate national banks (examples: Bank of America, Wells Fargo, Chase, Citibank, PNC) or federal credit unions, whether operating in Georgia or elsewhere.

https://dbf.georgia.gov/consumer-resources

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