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

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

#271

Post by awinder »

novaleaf wrote: post #258

He'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.

Yes, that, and credit cards also have +30 days of float essentially built in. So when you run into billing errors or fraud you have time for it to unwind itself / you won't have actively lost money until you need to settle up.

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

#272

Post by gertrunde »

alistairSH wrote: post #201
krilly wrote: post #102

Earlier quoted context omitted.

Revolut seems overkill for that, maybe try Splitwise?

Venmo seems to be the standard here in the US. Is it not as common overseas?

I tend to find that Venmo is a bit redundant in the UK - feature-wise, I'm not sure that it does anything that the standard bank mobile apps can't do? (There's a standard person-to-person via mobile number payments system that most banks support & integrate into their apps (https://en.wikipedia.org/wiki/Paym)).

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

#273

Post by akho »

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…

In a typical bank, AML is not part of the CFO responsibility (instead directly subordinate to CEO), and no sane bank will have a CFO whose experience is chiefly AML.

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

#274

Post by skrause »

s_dev wrote: post #177
Double_a_92 wrote: post #171

Earlier 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.

The reason I went with N26 is because they're German -- the German government will guarantee all savings up to €100k -- this is not the case with the others hence why Revoluts "EU banking licence" doesn't offer as much consumer protection as simply being a German bank. It just means they get more access to EU markets by abiding by certain terms.

N26 is also known to not help you when you're a fraud victim (https://heise.de/-4355970). And they're currently on a watchlist because they usually fail to prevent money laundering (https://heise.de/-4429143).

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

#275

Post by dubliner2077 »

Peroni wrote: post #7

Revolut's CFO recently 'resigned' from the company in light of claims that Revolut switched off an anti-money laundering system that flags suspect transactions. Revolut cited 'personal and health reasons' for the CFO's resignation. Whatever those personal and health reasons really were, they clearly passed quite quickly as within the space of a few weeks, said CFO has joined another FinTech company as their new CFO.…

And use candidates to your job offers so they do free marketing campaigns for you. Basically.

To be honest, fuck Revolut, so use them with little money.

Something is not right with these freaks.

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

#276

Post by krn »

macNchz wrote: post #189
gil wrote: post #170

Earlier quoted context omitted.

Why does being regulated by Lithuania make it look it like a money-laundering scheme?

I’m not certain as to the original post’s implication, but the multi-billion-dollar Russian “Laundromat” schemes that have come to light over the past few years fed through Baltic banks, including at least one in Lithuania. I’d think, though, that since these came to light there would be added scrutiny and it wouldn’t be an ideal place for further nefarious activity.

> through Baltic banks, including at least one in Lithuania

Just to clarify: The Russian Laundromat mostly relied on the banks from Latvia and Estonia[1], the two EU countries with the largest Russian population. The only banks which participated in the scheme from Lithuania – Danske and Nordea – were actually Scandinavian, and have either left the country (Danske), or merged with others (Nordea) afterwards.

[1] https://www.occrp.org/assets/laundromat/BarChartBank-big.png

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

#277

Post by benj111 »

TomMarius wrote: post #264
benj111 wrote: post #184

Earlier quoted context omitted.

It's HQed in London, so not being regulated there raises questions. I would guess that regulation in the UK is better , but I'm not really up on my Eastern European/pan European banking regulation to definitively say.

Does it? It seems logical, thinking about Brexit.

Brexit would also be an argument against HQing there too though...

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

#278

Post by TooSmugToFail »

Revolut indeed does not care for you.

I was one of the early adopters and their ardent evangelist. I probably hooked more than 10 people to Revolut. Before they were giving any incentives for referrals.

But their customer support turned to shit, their exchange rates became less 'fair', and their service became much, much worse.

A few examples...

(1) I traveled to the US, had troubles activating the travel insurance, contacted customer support, got it working. All good. A few months later, I find weird charges on my account. Contact customer support, ask about the charges. Turns out they charged me insurance fee for days that I was apparently insured, a month later. Best part: I had absolutely zero proof that I was insured at the time I was supposedly insured (take a guess how that would work out for me if I had to make a claim).

(2) I was trying to use their travel insurance again (between my first trip, and their fraudulent charge). The insurance is supposed to auto-activate when you travel abroad, but it did not. Contact customer support as soon as I realised (after arriving to the US), but they refused to activate it cause I already reached my destination. Had to get a different insurance, having to drive 1.000 km in the US without health insurance, before my new travel insurance kicked in. Luckily, nothing happened.

(3) We tried to open a company account. Us three owners were registered as authorised persons in the application form. Our application got refused, no explanation. Plus they froze PERSONAL accounts of my two co-founders for around two weeks. No access to their funds, no explanation. Try contacting the customer support, only to have a bot spew boilerplate nonsense at you. After a few weeks, their accounts just started working again. Explanation? Apology? You wish.

Bottom line is, they can't be trusted, let alone relied upon for anything even remotely important.

Worst thing is their entire pitch was about how they are on a mission to improve 'bad old banks', yet they failed on very fundamentals of banking.

For me, they are a Ryanair of financial services: cheap, but will screw you if they get a chance; and good luck if anything goes wrong.

A few days ago they sent an email offering their Metal cards for referrals. A few years ago I was doing that for free. Today there is no chance I would recommend Revolut to anyone.

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

#279

Post by efreak »

treis wrote: post #269
RandomBacon wrote: post #261

Earlier quoted context omitted.

Under Online Shopping, did you check "I never received merchandise" and "I did not receive a prompt refund"? You never did receive what you ordered: a working product. One time, I just had to tell a company while I was on the phone with them, that I had this specific website open on my computer and was filling out the form. That got them to resolve the issue immediately. Unfortunately, this would only address the iss…

>Under Online Shopping, did you check "I never received merchandise" and "I did not receive a prompt refund"? Ah, I went down the Credit Card path. >Heck, if your credit card has warranty coverage, did you try using that? From what I understand, if you try returning a defective item and the store won't accept it, the credit card company will just write you a check. By the time I thought of this I was out of the warra…

> Newegg banned my account after the dispute.

Newegg banned my account after I told their support that someone else logged into it, changed the password, and purchased a $1000+ camera with a gift card. I'm not sure if it counted as a dispute or not, as the money wasn't mine and it wasn't shipped to me. I found it odd that I had no option to reset my password and continue using it. I stopped shopping with Newegg after they silently deleted an entire transaction/order on my second account; all I ever got was the initial order confirmation; it took a call to their support to find out that it was not something I did wrong, but they couldn't tell me why it was cancelled.

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

#280

Post by uxcolumbo »

londons_explore wrote: post #245
JumpCrisscross wrote: post #62

Earlier 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…

> Smart money launderers know to use business accounts where the name of the account holder isn't checked by any bank.

I don't quite follow - can you elaborate and explain the scenario?

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