Have you been scammed when making a purchase or tricked into authorising a payment to another personal account or business (albeit without appreciation of the full facts), from your Revolut account?
Claims Supermarket can assist you recover your lost funds as banks, including Revolut, do owe a duty to safeguard its customers from fraud.
We take your data seriously. See our privacy policy & terms.
Invoice and mandate scam – This scam starts with the victim trying to pay an invoice to a genuine payee.
CEO fraud – This is where the scammer impersonates the chief executive officer (CEO) or other high-ranking official of an organisation.
Impersonation scam – police or organisations – In this scam, a criminal gets in touch and pretends to be from the police or the victim’s bank.
Impersonation scam – family or friends – Here, the fraudster pretends to be a family member or someone the victim knows.
Purchase scam – This is when you pay in advance for goods or services that are never received.
Investment scam – A criminal convinces you to move your money to a fund that doesn’t exist or to pay for a fake investment.
Romance scam – Fraudsters will use fake profiles on social media or dating websites to target their victims.
Advance fee scam – In this type of scam, a criminal convinces you to pay a fee that they claim will result in the release of a much larger payment or high value goods.
Crytpo Scam – Victims are lured in by fake cryptocurrency brokers online. The criminals advise they open a Revolut account, as cryptocurrency trading is allowed in its app, and then pay an upfront ‘deposit’. The fraudsters then steal this fee.
If Revolut has rejected your request for reimbursement of the stolen funds, it may still be possible to successfully claim compensation from your bank for the losses that you have suffered as a victim of Push Payment Fraud.
Whilst Revolut does not have a blanket duty to prevent fraud, it does owe a duty to safeguard its customers from fraud and to exercise reasonable skill and care in that regard.
On 28 May 2019 UK Finance launched the Contingent Reimbursement Model Code for Authorised Push Payment Scams (‘Code’).
This voluntary code (and to which the majority of the ‘big name’ banks have signed up) ensures that many victims of APP scams are reimbursed in full by their bank, provided that the victim has not acted with ‘gross negligence’ in making the payment. The Code applies to all personal customers and micro enterprises (an enterprise which employs fewer than 10 people and whose annual turnover and annual balance sheet total does not exceed €2m).
As Revolut does not hold a full banking license (although it is on the cusp of receiving one), it is not a member of the ‘Code’ but does apply similar standards when deciding to reimburse customers.
Stolen by criminals via fraud in 2022
The increase in the number of crime reports to Action Fraud for Revolut accounts between 2021 and 2022.
The number of fraud cases across the UK in 2022 (down 4% from 2021).
Value of authorised fraudulent payments in 2022
*As of September 2023. Figures quoted by UKFinance.org, FTAdvisor and Homebuilding.co.uk.
If you’ve been scammed when making a purchase or tricked into authorising a payment to another personal account or business (albeit without appreciation of the full facts) the payments are not treated by your bank as unauthorised transactions. As a result, entitlement to recovery of the funds from your bank is more limited and this is where Claims Supermarket can assist you recover your lost funds and any interest you may be due.
To get all your money back, you’ll usually have to show that: You followed any security warnings from you bank. You believed the transaction was genuine. You weren’t being careless when you made the payment. Claims Supermarket are specialists in financial mis-selling and financial claims and we will ensure that your claim is reviewed and submitted highlighting any areas where the bank should have stopped the payment or at the very least requested further information.
Fraudsters are changing how they operate every day and more and more people are being scammed through online marketplaces. Other common scams are:
If your debit card has been used fraudulently, the regulations state you must be refunded immediately if you’ve had money taken from your account without your permission. You must report the loss of your debit card, or any unauthorised payments, as soon as possible.
On 28 May 2019 UK Finance launched the Contingent Reimbursement Model Code for Authorised Push Payment Scams (‘Code’). This voluntary code (and to which the majority of the ‘big name’ banks have signed up) ensures that many victims of APP scams are reimbursed in full by their bank, provided that the victim has not acted with ‘gross negligence’ in making the payment. The Code applies to all personal customers and micro enterprises (an enterprise which employs fewer than 10 people and whose annual turnover and annual balance sheet total does not exceed €2m).
However, it is worth noting that any entitlement to any reimbursement under the Code will cover only the stolen funds and not any consequential loss claimed (for example, lost profits from a transaction for which the funds would otherwise have been used). For victims who fall outside the scope of the Code, seeking reimbursement of stolen funds from their bank can be more difficult.
As Revolut does not hold a full banking license (although it is on the cusp of receiving one), it is not a member of the ‘Code’ but does apply similar standards when deciding to reimburse customers.
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