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?
I just had over a thousand Euros stolen and Revolut is siding with the thief
251–260 of 365 posts
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#252Earlier quoted context omitted.
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...
Maybe that system was low quality and blocked valid transactions?
Maybe it was, but that's not a good excuse. "We wrote some software to prevent money laundering but it was crap so we turned it off"
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#253Earlier quoted context omitted.
> 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 differ…
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Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#254Earlier quoted context omitted.
How do you know the insurance wasn't activated? Why does the insurance activate based on location rather than date?
I believe that the standard card has the option to purchase insurance and it will be billed only for those days that you were abroad. I don't think that you have to activate anything if you have a plan that includes insurance (premium/metal).
Exactly. You can't activate it manually. It's activated by the GPS.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#255Earlier quoted context omitted.
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.
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.
They are a lot more secure. Magstripe fraud is rampant, an accepted fact of life. Breaches of chip cards are extremely rare and not a fact of life.
Or can you back up this insinuation that smartcard chips that digitally sign transactions are no more secure than magstripes anyone can duplicate?
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#256Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#257Earlier quoted context omitted.
From one evil to the other then? I would definitely not keep my life savings in some virtual "start-up" bank. Get a serious one and automatically transfer some money onto your fancy cards every month, if you like their service for everyday payments.
N26 is an actual bank that offers actual current accounts, unlike Revolut.
I know this was the case but both N26 and Revolut have EU banking licences -- as of the past year.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#258He's using a debit card, not a credit card.
Non refundable debit card purchases isn't a problem unique to Revolut.
If this happened with a bank of america debit card, you'd face the same problem. This is why I explicitly refuse to carry debit cards. Only ATM cards and credit cards.
If you use DEBIT cards, you don't get the same kind of protections you get with CREDIT cards.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#259Earlier quoted context omitted.
Venmo seems to be the standard here in the US. Is it not as common overseas?
lol no it assumes a US account. it's not even listed in the app stores here. people mostly use bank transfers for everything since it's free and fast
Haha, yeah, US banking is pretty awful in terms of ease-of-use.
I don't use Venmo myself - I'm at a point where I'd rather just pick up the check that try to split it (using any method). And let me friends pick up the next meal.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#260Earlier quoted context omitted.
For what it's worth, Monzo seems to be the only 'challenger bank' that's getting this right. They have the 24/7 in-app chat support that's super helpful, but then also a phone number you can call if you're into that. My every interaction with them as a customer has been fantastic.
I've had negative but acceptable experiences with Monzo and Starling. Would recommend both of them, and actively use both myself. I've had negative and intolerable experiences with Curve, TransferWise, Tide, and Revolut. I would recommend avoiding all of them. Not all of them offer banking solutions (Curve being the odd one out in that list), but the three that do are all e-money, which I guess speaks for itself.
What was wrong with transferwise out of interest?