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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

#301

Post by krn »

macNchz wrote: post #287
krn wrote: post #276

Earlier quoted context omitted.

> 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] http…

I was thinking about the recently revealed 'Troika Laundromat'–smaller than the Russian Laundromat scheme but still a $5B operation–which involved the Lithuanian Ukio Bankas: https://www.occrp.org/en/troikalaundromat/the-troika-laundro...

This one was really a Lithuanian bank, even though founded by a person who was born in Russia, and who escaped to Russia when the bank collapsed in 2013. There are none of such banks left in the country anymore, and people are very concerned about any possible Revolut's connections to Russia.

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

#302

Post by kweks »

briandear wrote: post #231
noir_lord wrote: post #97

Earlier quoted context omitted.

Even the old school banks have their issues, HSBC and money laundering for cartels comes to mind. Money is power and power corrupts seems to apply too often with this stuff.

HSBC laundering money doesn’t affect my current accounts. Not saying that issue isn’t important, but that doesn’t hurt my personal access to funds.

Don't kid yourself. Post cartel scandal, opening an HSBC account transcended difficult to impossible in certain jurisdictions.

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

#303

Post by OBLIQUE_PILLAR »

JumpCrisscross wrote: post #119
michalu wrote: post #99

Earlier quoted context omitted.

> it got it's money from DST Global So does Facebook, DoorDash, FlipKart and hundred+ other Silicon Valley companies. Revolut also has money from Seedcamp, Balderton, Index and tons of other VCs. > Revolut is Russian owned and Russian managed pseudo-bank Since when being a Russian is a crime? Besides if a company is London based it is regulated by UK authorities. You make it sound like the guy being Russian, DST bein…

> I would like to hear more on the reasoning behind how all that is negative? There is outsized demand for money laundering from Russia, in large part owing to its endemic and unchecked corruption. This is why most recent European money laundering scandals have involved Russian money [1][2][3]. So when you see an AML deficient operation with multiple Russian ties based out of Lithuania, it raises legitimate questions…

We have unchecked corruption from the 2nd most powerful politician in the country, no one cares

https://www.nytimes.com/2019/06/02/us/politics/elaine-chao-c...

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

#304

Post by Havoc »

ttoinou wrote: post #120
greatpatton wrote: post #83

Earlier quoted context omitted.

Because Revolut dones't want to have to manage FACTA and other US extraterritorial laws. Here is Switzerland having a US passport is a good reason to be banished from your physical bank very quickly. US passport holders are seen as a liability and not as a customer. That's also one of the reason that make renouncement of US citizenship quite popular in Switzerland if you have dual citizenship.

I've been told it's not just being US citizen but also, for example, being US tax resident for the current year

US citizens and us tax residents are essentially the same burden here. Nobody wants to deal with that unless the potential profits outway the additional costs of the admin

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

#305

Post by PhasmaFelis »

repolfx wrote: post #255
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.

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?

No one claimed they're as bad as magstripes, only that they are not 100% perfectly secure.

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

#306

Post by Waterluvian »

dgellow wrote: post #68
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.…

> The company quite literally has the words "get sh*t done" in giant neon letters on their office wall. That has become one of my red flag. I want to deal with people and companies focused on the quality of their products and businesses, not on doing "shit" (taking their motto literally).

"measure twice, cut once" in big cedar letters on the wall of my next business.

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

#307

Post by novok »

repolfx wrote: post #255
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.

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?

You can duplicate chip & pin EMV cards too. They are prone to fraud just like mag stripe cards.

https://www.consumerismcommentary.com/chip-credit-cards-frau...

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

#308

Post by orf »

dyadic wrote: post #252
codedokode wrote: post #233

Earlier quoted context omitted.

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"

> We attempted to write some software to prevent money laundering but it didn't work. So we turned it off.

What are you talking about, that's completely reasonable.

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

#309

Post by orf »

PhasmaFelis wrote: post #305
repolfx wrote: post #255

Earlier quoted context omitted.

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?

No one claimed they're as bad as magstripes, only that they are not 100% perfectly secure.

Nobody claimed they where 100% secure, at any point in this thread, during the development of the technology or during the rollout.

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

#310

Post by PhasmaFelis »

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

The hell I can't. If they can't make their service secure and stand behind it when they fail, they have no business providing the service at all.

What Revolut's legal status and responsibilities are, I don't know. (Although the update says that they did eventually refund him, so clearly someone was aware they fucked up.) But implying that it's the user's fault for not anticipating Revolut's insecurity is absurd. He did make a mistake, but so did Revolut, and they should have (and, eventually, did) make it right.

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