Imagine checking your bank app one day and finding that fraudsters have managed to bleed your account dry. This nightmare became real for Jack, who lost £165,000 when criminals reportedly bypassed Revolut’s security, slipped into his business account, and drained it faster than he could blink. Jack told BBC Panorama that he believes Revolut’s much-touted security measures floundered when he needed them most, leaving him out of pocket and out of luck. Revolut’s response? So far, a flat refusal to refund a single penny.
The irony? Revolut, the digital bank boasting “robust controls” and “advanced AI-scam detection,” appears in more fraud reports than any major UK high-street bank. Unlike conventional banks, Revolut operates without branches, offering only online or app-based service. And while it promises easy access, Jack found no easy way to protect his cash when scammers tricked him into handing over his account details.
The story began with a call from a scammer posing as a Revolut rep, warning Jack his account could be compromised. Caught off-guard, he ended up providing just enough info for the scammers to set up fake payees and start withdrawing thousands. It took him 23 precious minutes to reach Revolut’s support—time enough for £67,000 to vanish into thin air. Worse, when Jack asked for proof of the ID verification that fraudsters had allegedly bypassed, Revolut couldn’t provide it. Their reason? They don’t store the verification image.
The bigger picture? Revolut had nearly 10,000 fraud complaints last year alone, outpacing even Barclays. And while Revolut maintains it has “invested heavily” in fraud prevention, the evidence is shaky. Former employees even describe an overwhelming drive for growth, sometimes at the cost of security. Consumer watchdogs, like Which?, caution against banking significant sums with Revolut. The Financial Ombudsman received a whopping 3,500 complaints about the company just last year.
With the UK’s recent rule requiring all banks to reimburse fraud victims up to £85,000, Revolut’s challenges are only growing.
