Earlier quoted context omitted.
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.
> And use candidates to your job offers so they do free marketing campaigns for you. Can you expand on this? I'm not sure what the reference is to.
I just had over a thousand Euros stolen and Revolut is siding with the thief
341–350 of 365 posts
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#342FWIW - having to wait for pending transactions to post before filing a chargeback is how traditional banks have treated me, and I'm guessing is probably just part of the Visa/Mastercard dispute resolution process (someone who knows better might correct me here). Though you'd think a next-gen mobile-only bank would be able to put some additional automation around the process so that they would contact you again on the…
Visa/Mastercard use a DMS or dual-message system that is basically a digitisation of the paper-based "click-clack" machines, possibly with a phone-based pre-authorisation.
The first message is the auth which comes online. This can only be accepted or declined. Once it has been accepted the value of the transaction is reserved against the credit limit but no movement of funds takes place. The issuing bank can remove the auth manually, but this just releases the credit, it has no impact on what happens next.
The transactions are posted to the account in overnight batch, during which the card system will attempt to match the pending auths and remove them. Some transactions (such as recurrent ones) will have no matching auth. There is no opportunity at this stage to "reject" a transaction, the batch is applied or it isn't. The issuing bank will typically get or more batches per BIN.
The dispute process at this point involves the issuing bank (Revolut) issuing a chargeback against the acquiring bank, which triggers a process during which each bank has certain timeframes to reject or accept the chargeback. So from this standpoint Revolut is basically following standard process.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#343Earlier quoted context omitted.
> For a long term user, you seem to have made a lot of assumptions and mistakes. What were they? > I can't tell if you froze ALL of your cards, either immediately upon discovering the fraudulent event or before raising/disabling limits and then 'deal' with the rogue virtual card afterwards. I froze the card the charge was made on immediately after I discovered the fraudulent transaction, yes. I didn't freeze anything…
> Initially I thought my work had used my card to book a trip for me or something similar. I didn't even imagine someone could have gotten my card details somehow. I must be missing something here. Is sharing your card details with your workplace, so they can spend your money on your behalf, a normal thing for you (or anybody) to do? Legitimately asking here because I don't understand this at all.
A blunt question on that point: So what?
Let's say someone shares their card details with their workplace. For some reason beyond your or mine understanding. Which causes them, in a rush, to think "Ah, must be that, I'll drop the limit". Does this justify that person losing their money that was stolen from them via fraudulent charges?
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#344Earlier quoted context omitted.
In my case, it was because it's a thing that happens frequently. I set limits low and I routinely get transactions failing, so I raise/remove the limit and they retry. It generally happens when recurring bill payments come through, so I didn't really think much of it, I did what I do when a transaction fails. If I had seen the amount, I definitely wouldn't have done anything like that.
> I set limits low and I routinely get transactions failing, so I raise/remove the limit and they retry. What's the point of a limit, if you automatically remove it whenever something is over the limit?
What's the point of a banking app, if it doesn't show you the failed transaction after sending you a vague notification about a limit being reached (due to that transaction)?
It's weird to me that the focus is on Stavros not doing this or that, when the original failure was the bank's. If the notification had said "This transaction here failed because it hit the limit" none of this would have happened. If the app had shown that transaction in the list, none of this would have happened.
Yet here we are asking why the user didn't react perfectly to the failures of the bank. It's weird.
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#345Revolut'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.…
>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's CEO[1] is the son of the top bureaucrat of Russian Gazprom, which has been implicated as the main channel of - you guessed it[2], money laundering for Russian oligarchs [3]. [1] https://en.wikipedia.org/wiki/Nikolay_Storonsky [2] https://panamapape…
As a Russian, I would like to point out that both degrees he has got (Moscow Institute of Physics and Technology and New Economic School) are from top-tier institutions. Money can't buy them and in general they are not attractive for rich kids.
Also, Gazprom Promgaz != Gazprom. It's "a research institute for Gazprom" [1].
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#346Earlier quoted context omitted.
Does it? It seems logical, thinking about Brexit.
Brexit would also be an argument against HQing there too though...
The way I understand it, not really. Financial services seem to operate crossborder just OK, while the licenses are not cross border (I mean cross EU border).
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#347Earlier quoted context omitted.
N26 have been pretty solid for me and they have a number I can call if I need something. N26 is where I keep my money and Revolut is what I use for day-to-day stuff, but I still had enough money that the fraudster managed to steal 1k :/ I have switched to N26 now.
N26 refused to update my name in the account when one letter changed. They requested documentation my country cannot issue, and just sending them two passports, old and new wasn't enough. That took them more than a month to figure. More than a month of a constant email ping-pong where they were requesting more and more documents, some of them multiple times over and over.
I work there, It sucks. I can imagine being a customer
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#348Earlier quoted context omitted.
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 t…
>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.)
I also use them as my main debit card, because I (mistakenly) thought that the immediate notifications and safety limits would keep me safer in case of fraudulent transactions.
My comment was referencing the above statement from the blog post, which highlights the fact that using this card as a debit card is not a prudent decision. There was absolutely no implication that Revolut was blameless, in any way whatsoever!
I am glad that the matter has now been resolved. For your reference, this card is not protected under the UK Financial Services Compensation Scheme, neither does it provide protection under Section 75 of Consumer Credit Act 1974. However, it is regulated by the Financial Conduct Authority(FCA) under Electronic Money Regulations 2011 and Section 12 describes the complaint handling procedure, which requires the consumer to follow the dispute resolution process by contacting the business first, before escalating it to the Financial Ombudsman Service. In most cases, there is a resolution before it reaches FOS.
https://www.fca.org.uk/publication/archive/emoney-approach.p...
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#349Earlier quoted context omitted.
>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's CEO[1] is the son of the top bureaucrat of Russian Gazprom, which has been implicated as the main channel of - you guessed it[2], money laundering for Russian oligarchs [3]. [1] https://en.wikipedia.org/wiki/Nikolay_Storonsky [2] https://panamapape…
As a Russian, I would like to point out that both degrees he has got (Moscow Institute of Physics and Technology and New Economic School) are from top-tier institutions. Money can't buy them and in general they are not attractive for rich kids. Also, Gazprom Promgaz != Gazprom. It's "a research institute for Gazprom" [1]. [1] https://en.wikipedia.org/wiki/Gazprom_Promgaz
Money can definitely buy them
Re: I just had over a thousand Euros stolen and Revolut is siding with the thief
#350Earlier quoted context omitted.
As a Russian, I would like to point out that both degrees he has got (Moscow Institute of Physics and Technology and New Economic School) are from top-tier institutions. Money can't buy them and in general they are not attractive for rich kids. Also, Gazprom Promgaz != Gazprom. It's "a research institute for Gazprom" [1]. [1] https://en.wikipedia.org/wiki/Gazprom_Promgaz
Money can definitely buy them
I would not be so sure abou that. But money can for sure buy you people who make your thesis.