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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

#191

Post by StavrosK »

chosenbreed37 wrote: post #179
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.

Out of interest don't you get any penalties for all those declined/failed payments?

No, the card is canceled so it's not even the user's problem any more.

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

#192

Post by secfirstmd »

krn wrote: post #75
tshanmu wrote: post #67

Earlier quoted context omitted.

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…

As an Irish person who watched the crapshoot of our banking regulation in 2000s I can assure you that this does not fill me with confidence.

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

#193

Post by imartin2k »

So far I’ve had only great experiences with Revolut. Using them mostly when abroad, the currency exchange features are nifty, as is the fact that you can load up with money from credit cards with no fee (in the EU). Generally I find them pretty innovative and way superior to all traditional banks I’ve ever been a customer of.

But it’s obvious that this doesn’t translate into an equally good experience once there are problems.

So this case is a good reminder to use these neobanks mindfully and to not put too many eggs in this basket.

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

#195

Post by eloisant »

Aissen wrote: post #142
JumpCrisscross wrote: post #23

Earlier quoted context omitted.

> 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.

In France any transaction involving you PIN code is really hard to contest (so if you get your card copied by a skimmer it's tough).

Same with online transactions using 3-D secure (2-factor, usually involving a confirmation code sent by SMS).

For other online transactions however, you just have to ask your bank and they're chargeback the merchant.

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

#196

Post by rchaud »

packetpirate wrote: post #155

Why the hell would you even use a "virtual" card? With the rate at which personal data is being stolen day after day and companies as large as Equifax being breached, why would you trust your money with an all-virtual bank? Especially one that is so new? It's just asking for trouble. I've had the same bank since I was 17 and they have literally never let me down, and the couple of times I had a fraudulent transaction…

Fintech companies market their products specifically towards people who see themselves as "rugged individualists" who don't need the nanny state to look after them, or millennials who are untrusting of big banks after 2008.

I fall into the second category, but I'm also aware that what little I have in $bigBankCo is covered under depositor's insurance, and I'm good as long as I don't sign up for their usurious lines of credit or things like that.

And I've seen way too many smarmy startup dudes promising customers the earth, moon and the stars if they join their revolutionary "non-bank". No thanks.

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

#197

Post by fatline »

very sorry to hear that. Debit cards are convenient etc, but they don't offer much in terms of fraud protection. The general suggestion is to always use a credit card instead so that you don't expose your own money to theft, but the bank's.

This is among the most important learnings you can get from Frank Abagnale's talk at Google (https://www.youtube.com/watch?v=vsMydMDi3rI)

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

#198

Post by dev_north_east »

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.

Which country are you in? This has most definitely not been the case for me anywhere I've lived. It's irrelevant if you were a customer with the bank before the mortgage application or not.

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

#199

Post by rchaud »

yaseer wrote: post #12

Thanks 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.

I'll get on the bandwagon once these companies do something that puts money in my pocket. Orange back in the day used to offer a savings account with 4% interest. That's how you build market share.

All I hear from these upstarts is how easy their app is to use, and how frictionless my payments will be. These are utterly meaningless platitudes. Show me the money.

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

#200

Post by stavros »

UPDATE: Revolut have emailed me in response to my official complaint (possibly after seeing my post gain attention, I can't say for sure). They admitted it was a mistake to decline my chargeback and have refunded me the purchase.

They also said they would take measures to avoid this from happening again, hopefully they make good on that promise.

Thank you all very much for your help and support, I hope this doesn't happen to anyone else.

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