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Revolut confirms customer data breach through fake government requests

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Re: Revolut confirms customer data breach through fake government requests

#101

Post by Scoundreller »

gumby wrote: post #95
rawland wrote: post #12

How can this happen to a modern fintech... Esp. handling identity verification so poorly? > A Revolut spokesperson confirmed to TechCrunch that a “limited” number of customers were impacted and said the company had contacted those customers directly. Revolut, however, did not disclose the exact number of impacted individuals. It also did not answer whether the incident was limited to a specific market and declined to…

> How can this happen to a modern fintech…? It’s a modern fintech that’s most likely to be vulnerable. Banks tend to have a long history (either themselves or with the infrastructure they buy) of security, from physical to electronic. It’s what makes them often so clunky…there’s little incentive to streamline too much, and their insurance providers are reluctant to insure anything excitingly new. Hell, banking is so…

I remember doing an account closure at a legacy bank and the paperwork said they'd "disperse" my money instead of disburse it...

Re: Revolut confirms customer data breach through fake government requests

#102

Post by dgellow »

codedokode wrote: post #80

This is a reminder about what happens to people happily uploading their passport and selfies into the app. Do not do it if you do not want to end up in a Russian underground forums.

What else are you supposed to do? All bank require BYC and will ask you to control your identity. We shouldn’t blame customers for the fintech company mistakes

Re: Revolut confirms customer data breach through fake government requests

#103

Post by rjsw »

tdrz wrote: post #10
Numerlor wrote: post #9

Earlier quoted context omitted.

Around banking it's usually because they have to

Other banks do not require selfies, so there are other options

At least one traditional UK bank requires a selfie and a passport scan.

Re: Revolut confirms customer data breach through fake government requests

#104

Post by calderwoodra »

LoganDark wrote: post #93
neither_color wrote: post #90

I had an interesting experience with my Revolut card. I only top it up when traveling, and the rest of the time it sits nearly empty, with like $3-4. At some point I started getting occasional notifications about transactions declining. Stuff like video game points and random little online shops. Clearly my card's been skimmed or otherwise leaked somehow. Bummer. Since Im months away from my next trip I didnt immedia…

What kind of financial institution has a special deal with Netflix to prevent blocking their charges? Did Netflix threaten to block Revolut or something?

If a merchant gets a lot of charge backs from a specific card issuer or acquirer, they can block them specifically. A company at Netlifx's size could be doing this, but I've heard specific instances of it happening with grocery stores, gas stations and convenience stores.

It's very common for neobanks to have a high rates of fraud, but also lower negotiating leverage with merchants because they're not chase, Wells, etc.

So a specific arrangement with a specific merchant seems within the realm of normal to me.

Re: Revolut confirms customer data breach through fake government requests

#105

Post by edelbitter »

SoftTalker wrote: post #100
edelbitter wrote: post #58

Earlier quoted context omitted.

Is it uncommon/impossible to ask for the federally-brokered in-person procedure in the US? (The way I know it: Local court or police officer shows up at our office later that day and hands over a printout matching the request that we had been unable to confirm, on request of federal authority, in turn on request of the authority demanding we hand over some customers data. Those two requests utilizing government agenc…

You'd still want to verify that with the court or authority? I've been served before and sometimes it's just a person in street clothes who hands you an envelope. And even if it's a court bailiff or officer or something like that, would you be able to distinguish a real uniform, ID and badge from a fake one?

The uniformed woman with the pistol is whatever the stitching on the chest pocket say she is. Is that not true just the same even in places where other people may routinely open-carry?

Re: Revolut confirms customer data breach through fake government requests

#106

Post by LoganDark »

calderwoodra wrote: post #104
LoganDark wrote: post #93

Earlier quoted context omitted.

What kind of financial institution has a special deal with Netflix to prevent blocking their charges? Did Netflix threaten to block Revolut or something?

If a merchant gets a lot of charge backs from a specific card issuer or acquirer, they can block them specifically. A company at Netlifx's size could be doing this, but I've heard specific instances of it happening with grocery stores, gas stations and convenience stores. It's very common for neobanks to have a high rates of fraud, but also lower negotiating leverage with merchants because they're not chase, Wells, e…

My card issuer just gives me a credit when I want to chargeback. They're like, oh you don't want to deal with a real chargeback, just have your money back for free. I would've pressed it since I kinda wanted the company to regret ripping me off, but I already got my money back so it wasn't worth the extra effort.

Re: Revolut confirms customer data breach through fake government requests

#108

Post by Petefine »

LoganDark wrote: post #106
calderwoodra wrote: post #104

Earlier quoted context omitted.

If a merchant gets a lot of charge backs from a specific card issuer or acquirer, they can block them specifically. A company at Netlifx's size could be doing this, but I've heard specific instances of it happening with grocery stores, gas stations and convenience stores. It's very common for neobanks to have a high rates of fraud, but also lower negotiating leverage with merchants because they're not chase, Wells, e…

My card issuer just gives me a credit when I want to chargeback. They're like, oh you don't want to deal with a real chargeback, just have your money back for free. I would've pressed it since I kinda wanted the company to regret ripping me off, but I already got my money back so it wasn't worth the extra effort.

That's how chargebacks often work. Then they ask the merchant for evidence the charge was legitimate. If convinced, they will retract that initial quick refund.

Re: Revolut confirms customer data breach through fake government requests

#109

Post by rvba »

barrenko wrote: post #79
sam_lowry_ wrote: post #53

Earlier quoted context omitted.

Revolut is also run by a Russian with deep connections to wartime Russian elites, starting with his dad, who heads the biggest Gazprom R&D center.

Yeah, not sure if Revolut is the fintech that's portrayed in the last season of The Industry.

That was Wirecard

https://en.wikipedia.org/wiki/Wirecard_scandal

Re: Revolut confirms customer data breach through fake government requests

#110

Post by olejorgenb »

jbs789 wrote: post #60
wasfgwp wrote: post #51

Earlier quoted context omitted.

> been a fully licensed bank for ~6 months They had an EU license in Lithuania for years.

Not a bank until 2018 And they clearly figured that was easier than going through the UK where they had previously been licensed

7-8 years surely qualify as "for years"?
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