Revolut, a digital-only financial institution, has been criticised by customers who claim the company’s security measures failed to prevent falling victim to fraud. One man had £165,000 stolen from his Revolut business account by cybercriminals who managed to bypass the ID verification process, gaining access to his account. Revolut, which was named in more fraud reports in the last financial year than any of the major High Street banks, has so far refused to refund the money.
A number of new digital-only banks, including Revolut, offer all their services online or via an app, with no physical branches. The fast-growing e-money firm has over 45 million customers worldwide, almost tripled its revenue to £1.8bn in 2023 and amasses nine million UK customers. Jack, who runs an international business and needs to hold multiple currencies, was attracted to Revolut by its quick account opening, competitive foreign exchange rates and easy-to-use app.
However, Jack fell victim to scammers who tricked him into giving them information to access his account. Over an hour, thousands of pounds
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