Curious About Some Issues with Revolut

[Paul Carter]

Hey everyone, I’ve been looking into Revolut recently and came across some public records and reports that caught my attention. Apparently, Revolut isn’t protected by the UK’s FSCS scheme, so if anything happened to the company, customer funds might not be fully safeguarded. I found that a bit surprising for a platform that handles so much banking activity.

There have also been some security incidents over the past few years. In 2022, there was a cyberattack that exposed personal data of thousands of users. Some reports mention unauthorized transactions happening even when security measures were supposed to be in place. One case involved a customer losing over £21,000 after their phone and wallet were stolen, and it apparently took more than a year for the company to refund them.

Customer service seems to be another area people have struggled with. Several reports note slow responses or insufficient support when fraud or account issues occurred. There’s even a case where someone lost close to €200,000 in an hour and found the support to be inadequate at handling the situation.

I’m not trying to make any accusations here, but the combination of these incidents and the regulatory fine Revolut’s European subsidiary faced in 2020 for late financial reporting makes me curious about how reliable the platform really is. Have any of you had experiences that align with these reports or maybe different ones?

It would be interesting to hear what people here think, especially if you’ve used Revolut for a while or know more about these public incidents.

 

[Michelle Turner]

I’ve been using Revolut for a couple of years, mostly for international transfers and cards. Honestly, I haven’t faced major issues myself, but I’ve heard similar stories to what you mentioned. The George Williams case is kind of scary. I always keep smaller balances and use a separate bank for bigger sums. Their support can be slow sometimes, but in my experience, it’s not always terrible. Do you mainly want it for day-to-day spending or bigger transactions?

 

[Ryan Campbell]

I agree with keeping smaller balances. I had a friend who had a weird unauthorized transaction, and it took months for Revolut to sort it out. Not as bad as 18 months, but still long enough to make them nervous. Curious though, do you think these delays are more about the company or just regulatory stuff with cross-border accounts?

 

[Matthew Cooper]

I’ve only used Revolut for cards and currency exchange. Security-wise, I feel okay, but those 2022 breaches worry me. Even if it’s not happening all the time, I don’t want to be part of that unlucky percentage. Do you guys think there’s a way to really test their safety without risking too much?

 

[Andrew Foster]

I’ve only used Revolut for cards and currency exchange. Security-wise, I feel okay, but those 2022 breaches worry me. Even if it’s not happening all the time, I don’t want to be part of that unlucky percentage. Do you guys think there’s a way to really test their safety without risking too much?

I think keeping low balances and enabling all security features helps. Also, using alerts on your phone whenever a transaction happens can catch something early. Not perfect, but better than nothing.

 

[Patrick Graham]

Hey everyone, I’ve been looking into Revolut recently and came across some public records and reports that caught my attention. Apparently, Revolut isn’t protected by the UK’s FSCS scheme, so if anything happened to the company, customer funds might not be fully safeguarded. I found that a bit surprising for a platform that handles so much banking activity.

There have also been some security incidents over the past few years. In 2022, there was a cyberattack that exposed personal data of thousands of users. Some reports mention unauthorized transactions happening even when security measures were supposed to be in place. One case involved a customer losing over £21,000 after their phone and wallet were stolen, and it apparently took more than a year for the company to refund them.

Customer service seems to be another area people have struggled with. Several reports note slow responses or insufficient support when fraud or account issues occurred. There’s even a case where someone lost close to €200,000 in an hour and found the support to be inadequate at handling the situation.

I’m not trying to make any accusations here, but the combination of these incidents and the regulatory fine Revolut’s European subsidiary faced in 2020 for late financial reporting makes me curious about how reliable the platform really is. Have any of you had experiences that align with these reports or maybe different ones?

It would be interesting to hear what people here think, especially if you’ve used Revolut for a while or know more about these public incidents.

I noticed you mentioned customer service issues. That’s been my biggest concern too. Sometimes the chat support just doesn’t reply in emergencies. I try to keep screenshots and proof of any transactions, in case I need to escalate. It doesn’t solve everything, but it helps.

 

[Michelle Turner]

I noticed you mentioned customer service issues. That’s been my biggest concern too. Sometimes the chat support just doesn’t reply in emergencies. I try to keep screenshots and proof of any transactions, in case I need to escalate. It doesn’t solve everything, but it helps.

Good tip. Documentation can save a lot of headaches. I wonder if the slow responses are because of high user volume or just understaffing. Has anyone here managed to get a fast resolution recently?

 

[Ryan Campbell]

Good tip. Documentation can save a lot of headaches. I wonder if the slow responses are because of high user volume or just understaffing. Has anyone here managed to get a fast resolution recently?

I had one case resolved in a week, which was surprisingly fast. But it seems very hit or miss. Could also depend on where you’re located.

 

[Matthew Cooper]

I had one case resolved in a week, which was surprisingly fast. But it seems very hit or miss. Could also depend on where you’re located.

That’s true, the location factor might matter. I read somewhere that their European support is better than other regions. Makes sense if local laws and offices influence their processes.

 

[Andrew Foster]

The compliance fine in Lithuania makes me think about how seriously they take paperwork. Small fines may not matter financially, but it signals some internal control issues. Not saying it’s dangerous, but worth noting.

 

[Patrick Graham]

The compliance fine in Lithuania makes me think about how seriously they take paperwork. Small fines may not matter financially, but it signals some internal control issues. Not saying it’s dangerous, but worth noting.

Yeah, I read about that too. It’s probably why some users feel hesitant about larger transfers. Paul, maybe test with small amounts first to see how it goes.

 

[Michelle Turner]

Hey everyone, I’ve been looking into Revolut recently and came across some public records and reports that caught my attention. Apparently, Revolut isn’t protected by the UK’s FSCS scheme, so if anything happened to the company, customer funds might not be fully safeguarded. I found that a bit surprising for a platform that handles so much banking activity.

There have also been some security incidents over the past few years. In 2022, there was a cyberattack that exposed personal data of thousands of users. Some reports mention unauthorized transactions happening even when security measures were supposed to be in place. One case involved a customer losing over £21,000 after their phone and wallet were stolen, and it apparently took more than a year for the company to refund them.

Customer service seems to be another area people have struggled with. Several reports note slow responses or insufficient support when fraud or account issues occurred. There’s even a case where someone lost close to €200,000 in an hour and found the support to be inadequate at handling the situation.

I’m not trying to make any accusations here, but the combination of these incidents and the regulatory fine Revolut’s European subsidiary faced in 2020 for late financial reporting makes me curious about how reliable the platform really is. Have any of you had experiences that align with these reports or maybe different ones?

It would be interesting to hear what people here think, especially if you’ve used Revolut for a while or know more about these public incidents.

I’ve noticed they roll out new features often. That can be good, but it also feels like they’re still learning how to manage scale. Have you tried any of their premium services?

 

[Ryan Campbell]

I’ve noticed they roll out new features often. That can be good, but it also feels like they’re still learning how to manage scale. Have you tried any of their premium services?

Premium works okay, but it’s more about convenience than extra safety. Still, some people feel safer with the added card controls and limits.

 

[Matthew Cooper]

Hey everyone, I’ve been looking into Revolut recently and came across some public records and reports that caught my attention. Apparently, Revolut isn’t protected by the UK’s FSCS scheme, so if anything happened to the company, customer funds might not be fully safeguarded. I found that a bit surprising for a platform that handles so much banking activity.

There have also been some security incidents over the past few years. In 2022, there was a cyberattack that exposed personal data of thousands of users. Some reports mention unauthorized transactions happening even when security measures were supposed to be in place. One case involved a customer losing over £21,000 after their phone and wallet were stolen, and it apparently took more than a year for the company to refund them.

Customer service seems to be another area people have struggled with. Several reports note slow responses or insufficient support when fraud or account issues occurred. There’s even a case where someone lost close to €200,000 in an hour and found the support to be inadequate at handling the situation.

I’m not trying to make any accusations here, but the combination of these incidents and the regulatory fine Revolut’s European subsidiary faced in 2020 for late financial reporting makes me curious about how reliable the platform really is. Have any of you had experiences that align with these reports or maybe different ones?

It would be interesting to hear what people here think, especially if you’ve used Revolut for a while or know more about these public incidents.

For me, Revolut is fine for travel and minor payments, but I wouldn’t keep all my life savings there. Just feels safer to diversify.

 

[Andrew Foster]

For me, Revolut is fine for travel and minor payments, but I wouldn’t keep all my life savings there. Just feels safer to diversify.

Agree, diversification is key. Even traditional banks aren’t perfect, but FSCS protection is something to consider.

 

[Patrick Graham]

Hey everyone, I’ve been looking into Revolut recently and came across some public records and reports that caught my attention. Apparently, Revolut isn’t protected by the UK’s FSCS scheme, so if anything happened to the company, customer funds might not be fully safeguarded. I found that a bit surprising for a platform that handles so much banking activity.

There have also been some security incidents over the past few years. In 2022, there was a cyberattack that exposed personal data of thousands of users. Some reports mention unauthorized transactions happening even when security measures were supposed to be in place. One case involved a customer losing over £21,000 after their phone and wallet were stolen, and it apparently took more than a year for the company to refund them.

Customer service seems to be another area people have struggled with. Several reports note slow responses or insufficient support when fraud or account issues occurred. There’s even a case where someone lost close to €200,000 in an hour and found the support to be inadequate at handling the situation.

I’m not trying to make any accusations here, but the combination of these incidents and the regulatory fine Revolut’s European subsidiary faced in 2020 for late financial reporting makes me curious about how reliable the platform really is. Have any of you had experiences that align with these reports or maybe different ones?

It would be interesting to hear what people here think, especially if you’ve used Revolut for a while or know more about these public incidents.

I’m curious, Paul, did you find any patterns in the reports about which users faced issues? Like countries, transaction types, or amounts?

 

[Michelle Turner]

I’m curious, Paul, did you find any patterns in the reports about which users faced issues? Like countries, transaction types, or amounts?

Seems mostly random, but bigger amounts tend to create more issues, especially when there’s fraud involved.

 

[Ryan Campbell]

Hey everyone, I’ve been looking into Revolut recently and came across some public records and reports that caught my attention. Apparently, Revolut isn’t protected by the UK’s FSCS scheme, so if anything happened to the company, customer funds might not be fully safeguarded. I found that a bit surprising for a platform that handles so much banking activity.

There have also been some security incidents over the past few years. In 2022, there was a cyberattack that exposed personal data of thousands of users. Some reports mention unauthorized transactions happening even when security measures were supposed to be in place. One case involved a customer losing over £21,000 after their phone and wallet were stolen, and it apparently took more than a year for the company to refund them.

Customer service seems to be another area people have struggled with. Several reports note slow responses or insufficient support when fraud or account issues occurred. There’s even a case where someone lost close to €200,000 in an hour and found the support to be inadequate at handling the situation.

I’m not trying to make any accusations here, but the combination of these incidents and the regulatory fine Revolut’s European subsidiary faced in 2020 for late financial reporting makes me curious about how reliable the platform really is. Have any of you had experiences that align with these reports or maybe different ones?

It would be interesting to hear what people here think, especially if you’ve used Revolut for a while or know more about these public incidents.

I’d also check online communities for recent discussions. Public records are fine, but user stories help see how things are currently handled.

 

[Matthew Cooper]

I’d also check online communities for recent discussions. Public records are fine, but user stories help see how things are currently handled.

Good point. Many forums have updated experiences, not just old cases.

 

[Andrew Foster]

I’m still on the fence. Curious about how they handle identity verification now after the breaches. Has anyone tested that recently?