Revolut Customers Left Devastated by Sophisticated Scams: NHS Consultant Among Victims
The money, saved for his teenagers, was stolen after scammers convinced him to transfer his funds into his Revolut account and delete the app, allowing them to drain his savings without triggering any notifications.
"I was very depressed," said Dr. Kumar, who found 25 transactions made from his account, including luxury purchases from Selfridges, Apple, and Currys. “My children are too young to share this grief with,” he added, devastated by the financial blow and Revolut’s refusal to refund the money.
Dr. Kumar is just one of over 100 individuals who have contacted the BBC following a Panorama investigation into the e-money firm. Many customers, including Dr. Kumar, feel let down by Revolut, which insists that since the transactions were authorized by customers—albeit under duress from scammers—it is not liable for refunds.
How the Scam Unfolded: Sophisticated Deception
For Dr. Kumar, the deception began when he received a phone call from someone claiming to be from American Express, warning of fraudulent activity on his account. The scam quickly escalated when a follow-up call, purportedly from Barclays, advised him to transfer his savings to Revolut as a security measure.
Though initially skeptical, Dr. Kumar was convinced after calling a number that played a convincing Barclays welcome message. Reassured, he transferred his savings to Revolut, but soon after, the scammers requested he delete the app for “extra safety.” This allowed them to spend £39,000 without him receiving notifications. When Dr. Kumar reinstalled the app the next day, his account was already drained.
Legal Battle and Emotional Toll
Dr. Kumar has since hired lawyers to take his case to the Financial Ombudsman Service (FOS) but remains uncertain about how long he can afford legal support. “We cancelled two holidays, I've been working almost every Saturday since,” he said, highlighting the deep emotional and financial impact. "What’s even more disheartening than the financial loss is the indifference and lack of accountability displayed by Revolut."
Revolut's refusal to offer refunds has left many victims, including Dr. Kumar, feeling abandoned. They argue that despite following the company's procedures, they were still vulnerable to fraud.
Revolut’s Response: Fraud Reports on the Rise
Revolut, founded in 2015, has grown rapidly, with nine million UK customers and record profits of £438 million last year. However, it was named in more fraud reports than any other major UK bank, according to figures from Action Fraud.
The scam that affected Dr. Kumar exploited Revolut's digital wallet feature, which allows fraudsters to add a customer’s debit card to their own wallet and make purchases without needing the physical card. While this feature is designed for convenience, cybersecurity experts warn that it can be a serious vulnerability if exploited.
Prof. Mark Button, a researcher in cybercrime, remarked, “It's like putting all your eggs in one basket. If you get compromised by fraud, it’s highly dangerous.”
Other Victims: A £160,000 Loss in Seven Minutes
Dr. Kumar’s story is just one among many. Another victim, Lynne Elms, lost £160,000 in seven minutes while working at her best friend’s cosmetics company. Scammers, claiming to be from Revolut, convinced her to install a remote desktop application, which allowed them to take control of her computer and authorize multiple transfers under labels such as ‘refund’ and ‘invoice.’
“It was the worst time of my life,” Elms said. “I never thought I’d get over it. I don’t think I have.”
Revolut’s lack of an emergency phone number compounded the issue, as it took Lynne several hours to contact anyone at the company. By the time her account was frozen, the damage had been done. The company’s reliance on in-app communication, rather than a dedicated fraud hotline, has been criticized by many victims who struggled to stop fraud in real-time.
A Growing Concern for Revolut Customers
Revolut’s rapid growth and the increasing number of fraud cases associated with its platform raise questions about the balance between convenience and security. While the company claims to have reduced fraudulent transactions by 20% last year and prevented £475 million in potential fraud losses, the impact on individual victims has been severe.
For those like Dr. Kumar and Lynne Elms, the financial and emotional toll continues to weigh heavily. While the Financial Ombudsman Service is expected to rule on some of these cases soon, victims remain frustrated by the company's initial responses.