Deborah Wright was left devastated when she misplaced £8,000 of financial savings from her Revolut accounts to fraud in October.
She anticipated the digital cash agency to refund her but it surely refused. Other fraud victims have additionally had problem getting refunds from Revolut.
Unlike banks, Revolut shouldn’t be signed as much as a code that goals to reimburse prospects for this sort of fraud.
The agency stated it checked out instances on a person foundation, and that it was sorry prospects had been defrauded.
‘I’m worn out’
Deborah, a canine groomer in North Yorkshire, had given her Virgin Money financial institution particulars to a fraudulent web site that she thought was official whereas on-line purchasing.
A couple of weeks later, the 55-year-old received a telephone name from a person claiming to be from the Virgin Money fraud division.
The fraudster stated her checking account was underneath assault, and persuaded her to obtain some software program that allowed him to take management of her pc.
The fraudster, who saved reassuring her that she was protected, requested her about her different accounts, and received her to switch cash out of her 12 Revolut “vaults”.
This included financial savings that had taken years to build up for her grandson, and for a vacation within the US.
She misplaced greater than £8,000 from Revolut alone, together with funds from her Virgin Money account.
While this was occurring, she received warnings from Revolut, however the fraudster didn’t give her time to learn them. He knew they had been coming, and advised her he was sending them.
“I was allowing everything to go through, just thinking it was safe,” she stated.
“I’m devastated. I’m wiped out,” she advised BBC Radio 4’s You and Yours programme. “It’s taken away my consolation blanket.
“It’s made me offended as a result of I’ve received to begin once more from scratch.”
She questioned why Revolut had not stopped transactions that had not followed her normal behaviour patterns, as banks do.
Virgin Money continues to be investigating what occurred.
Deborah was a victim of what is known as an “authorised push fee fraud”. This is when fraudsters persuade their victims to send money themselves.
About 10 High Street banks are signed up to a code – the Contingent Reimbursement Model Code – which aims to give money back to people who fall victim to this kind of scam.
But Revolut is not a UK bank, and is not signed up to this code.
It is an e-money company that offers digital banking services.
It does not have a UK banking licence. It applied for one in January 2021 but is still waiting for the outcome.
‘My coronary heart nearly stopped’
Another person who was scammed was Mark, who runs an art and graphics company in Brighton.
He too was called by fraudsters, who persuaded him to download desktop-sharing software that let them take control of his computer.
Mark went along with it, but then became suspicious. When he checked his Revolut app 10 minutes later, he realised nearly £56,000 had been stolen.
“My coronary heart nearly stopped,” he stated.
He tried to get Revolut to stop the transaction, and thought the firm might protect him, but it didn’t.
“I realised I’m fully alone on this,” he stated.
Although Revolut has since said it will refund £30,000, he described the situation as “completely surprising”.
“I can not belief them [Revolut]. I simply really feel ignored,” he stated.
The fraudsters persuaded both Deborah and Mark to download Anydesk software, which is legitimate.
Anydesk said people using its software for fraud were “immoral and unacceptable”, and it urged users to “by no means share data with anybody they have no idea or belief”.
George, a project manager from Northampton, fell victim to a different kind of fraud.
In October he went on his stag night with friends in London.
He blacked out – police think his drink was probably spiked – and his phone and cards were stolen. The criminals then went on a spending spree.
They withdrew £3,000 from a bank machine, and in under four hours spent £17,500 in different shops on Regent Street.
When he contacted Revolut, he was refused a refund.
He said Revolut’s view was that he either gave his PIN away or had done it himself, adding that the whole experience had left him “feeling very weak”.
Aaron Elliott-Gross, head of fraud and financial crime at Revolut, said the firm was “very sorry to listen to that our prospects had been focused by fraudsters and criminals”.
Each reimbursement case is treated individually, he said, with Revolut looking at how effective its warnings were, along with the customer’s behaviour, when making a decision.
Mark had been partially refunded because Revolut accepts that it “might have completed extra to warn Mark”.
But Deborah was warned about her transactions, and there was no evidence criminals had accessed George’s PIN, he said.
He added that in George’s case, consumers using electronic wallets such as Apple Pay or Google Pay need to be aware that “your telephone passcode might be compromised, it may be overseen”. A phone can be used to make payments if the passcode is entered.
Deborah, Mark and George all said they could not contact Revolut by phone and could only speak to operatives over live chat.
Mr Elliott-Gross said the Revolut chat function was the most secure way customers could interact with the firm.
“Having a name centre is not a silver bullet,” he stated.
For extra on this story, hearken to You and Yours on BBC Sounds.