Revolut Scams

Can I get my money back?

Revolut is a fintech company with a current account banking app that operates in the UK and elsewhere. As they are regulated in the UK, if you have lost money to a Revolut scam and your account is in the UK, you may be able to get your money back from your bank. 

FCA Regulated
UK’s best-rated

REVOLUT FRAUD

Fraudsters target customers of all banks in the UK, including Revolut

We speak to victims of APP fraud from all banks. Customers often ask us whether they can get money back from a bank transfer when they have been scammed, and the answer is yes that victims may be able to get a refund.

The fraud figures for each bank have not been published publicly, so there is no exact figure on how many of their customers fall victim to fraud or how many are refunded. However, a recent publication showed that 77% of Revolut cases independently reviewed led to the result being overturned in the customer's favour. Therefore, you really should look at your rights or seek help from Refundee if you’ve been a victim of a scam and sent the money from or to a Revolut account.

TRANSFER FRAUD

Bank Transfer Scams and APP Fraud

This is where you are tricked by a criminal into sending money from your bank account to an account controlled by a scammer. Common types of APP scams include:

  • Investment

    Enticing but ultimately fraudulent investments

  • Safe account

    You think your bank is calling you

  • Purchase

    Paying for goods/services you never receive

  • Romance

    Fraudsters usually start fake relationships online

  • Invoice

    You pay a bill to the wrong person

There are many more, but these common frauds involve customers being persuaded to send money for reasons they think are legitimate, but are unfortunately not. APP scams have grown massively in size in recent years, with fraud losses in 2021 topping £583.2 million in the UK and almost 200,000 cases being recorded. We believe this is probably well below the true figure. Scammers unfortunately are professionals at manipulation and often have spent a long time practising their social engineering techniques. This is shown in the statistics, and it is Refundee’s view that banks should be doing more to protect their customers. 

If you lost money from a Revolut account, contact us today for a free consultation.

REVOLUT REIMBURSEMENT

Can you get money back from Revolut if scammed?

Chase Bank has not signed the Contingent Reimbursement Model Code, sometimes called the authorised push payment scam code. This means that Chase Bank has not signed up to the stronger protection for fraud victims that the contingent reimbursement model provides as other banks have.

The CRM Code says that firms should refund fraud victims, unless they provided a thorough and relevant warning which was ignored or if the customer did not have a reasonable basis for belief. Put simply, if the firm didn’t give a really good warning that was relevant to you, or if the scam was convincing, your bank should refund you.

Regardless of whether the contingent reimbursement model applies, Chase Bank should be protecting fraud victims by responding to fraud trends and taking steps to stop fraudulent payments. The area we have seen customers of Chase Bank contact us most often, has been where they have been tricked into sending large sums of money into cryptocurrency without being asked any questions by the bank.