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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

#241

Post by zuppy »

stavros wrote: post #79
Dayshine wrote: post #51

Earlier quoted context omitted.

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…

but this happens, I don’t know why the author said it doesn’t. i get notifcations with the merchant and the amount (that can also be seen in the app). maybe there was a temporary glitch?

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

#242

Post by chx »

StavrosK wrote: post #238
chx wrote: post #234

Earlier quoted context omitted.

Interesting service. https://www.revolut.com/help/exploring-revolut/exchanging-cr... > You will not be able to transfer cryptocurrency interests to outside of the Revolut platform, eg. external wallets. And https://www.revolut.com/en-DE/help/exploring-revolut/exchang... > You can receive cryptocurrency interests sent by another Revolut user. However, you will not be able to receive cryptocurrencies sent from outside…

> Nonetheless, they must be buying and holding crypto"currency" which is enough for me to disqualify. It's better than going full exchange but still. They don't need to, really. They just need to pay you if the price goes up. You're selling them fiat for the promise that they'll buy it back at some point for the new price.

> They don't need to, really. They just need to pay you if the price goes up.

That'd introduce a risk to Revolut no sane company can possible take.

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

#243

Post by pbhjpbhj »

briandear wrote: post #224
kevin_b_er wrote: post #212

Earlier quoted context omitted.

This sounds like the same fallacy the UK had with chip transactions. The magical fallacy that they're infallible and totally secure, thus all fraudulent transactions are automatically your fault.

It’s interesting that there was quite the criticism of the US “mag stripe” cards when Europe was chip and pin. I recall many Europeans claiming that their system was far more secure and “better.” However, chip and pin puts liability on the customer for fraudulent transactions, while in the US, the liability is on the merchant.

They seem to be orthogonal, if we still just had magstripes then it would be super easy to clone your card and make transactions using it because there's no second factor needed. At least the criminals now have to be organised.

The response to the fraudulent transaction would surely be the same as that's either the bank's call or/legislative.

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

#244

Post by noisy_boy »

icebraining wrote: post #211
noisy_boy wrote: post #178

Maybe I'm just old but I would never put my money in an institution where I can't go to their branch/office and talk to a human. Typically this is hardly needed with all the digital convenience but when things go wrong, it is truly worth it.

That's not a guarantee anymore; in some banks here, the person behind the desk is just a glorified form filler. Everything has to go to the central offices anyway.

Yes depends where you are; where I am, there are still some people in the branches who know how to do their job.

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

#245

Post by londons_explore »

JumpCrisscross wrote: post #62
C1sc0cat wrote: post #53

Earlier quoted context omitted.

I saw that but it wasn't clear as far as I remember who did this - it may be the CFO took responsibility for some one else's actions.

> it may be the CFO took responsibility for some one else's actions CFOs of financial services companies are typically senior AML officers. All AML actions are their actions, and AML liability for AML officers is almost strict liability. If something happens and if best practice wasn’t followed, the AML officer(s) are personally and criminally liable. If someone could turn off the entire AML scanning system with the…

It wasn't the entire system. It was some of the rules. They were rules which weren't very accurate, were leading to lots of unhappy real customers, and not catching many fraudsters.

For example, the rules stopped large numbers of women who had bank accounts or their passports in maiden names from transferring money to themselves. Revolut would see an incoming payment from supposedly the same person, but with a different name, and lock the whole account down until documents could be provided proving why that happened.

That means if you top up your Revolut account on saturday to buy some McDonalds, you are now going to be locked out of all financial services for probably 1+ week while you get official documents proving the name change. A marriage certificate isn't enough. If your salary is paid into Revolut, you might default on loan payments, loose your house/car, etc.

All that to stop only the stupidest of money launderers. Smart money launderers know to use business accounts where the name of the account holder isn't checked by any bank.

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

#247

Post by londons_explore »

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.

They have a UK bank license now, so deposits are covered up to EUR 100k

They're only covered against bankruptcy though - if someone steals your phone and drains your account, you're SOL.

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

#248

Post by StavrosK »

zuppy wrote: post #241
stavros wrote: post #79

Earlier quoted context omitted.

> 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…

but this happens, I don’t know why the author said it doesn’t. i get notifcations with the merchant and the amount (that can also be seen in the app). maybe there was a temporary glitch?

Do you get the amount and merchant in the notification that you reached the limit? Mine doesn't (check the screenshot).

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

#249

Post by StavrosK »

sagebird wrote: post #237
stavros wrote: post #200

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 h…

It's disgusting that you had to raise a shitstorm on their internal support, then on twitter and then hacker news to get your chargeback. Will others be savvy enough to raise this attention? I would rather that a regulator went to bat for you and slapped them with a large fine. Because as it stands they can do the same thing to everyone else, only give refunds when someone raises attention and perhaps this only accou…

Yeah, that's completely inexcusable. Maybe I should have given them time to respond to the official complaint, and maybe they would have fixed it, but I don't want to tell a company "someone just stole 1k euros from me, please stop them!" and hear back "it's your fault".

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

#250

Post by nske »

StavrosK wrote: post #115
luckylion wrote: post #64

Earlier quoted context omitted.

> Under the GDPR they're legally required to give you all the data they have on you; this is non-negotiable. To play devil's advocate: they might argue that the fraudulent transaction contains/might contain PII of the fraudster and they are protecting his privacy. Sounds crazy, but I wouldn't be that surprised.

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.

https://www.revolut.com/legal/privacy/#what-are-my-rights Send a ‘data subject access request’ to dpo@revolut.com, they should handle that properly.
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