ieExplains: What to do if you find yourself in a Revolut fraud

If you think you have fallen victim to a scam or you don’t recognise an outgoing transaction on your account, Revolut advises customers to freeze their cards immediately. 

We've all heard the stories about Revolut scams, where people, for one of many reasons, can end up losing significant amounts of money to fraudsters and criminals.

These can be through impersonation scams, phishing attempts, advanced fee frauds, or even criminal hackings. 

Just this week, it was reported that a businessman named Paul Walsh had almost €10,000 drained from his Revolut account, after six transactions were made on his account that he did not recognise. 

So if you find that money has been stolen from your Revolut account, or if you made a payment to later find that it was fraudulent, what should you do?

Vigilance 

Revolut says it has implemented real-time AI fraud detection systems and transaction limits to help minimise the threat of fraud, but still urges customers to remain vigilant. 

The banking app warns customers to never share their password, passcode, PIN, selfie, or one-time passcode (OTP) with anyone else, even if they claim to be from Revolut or another financial institution.

If you receive a message asking you to confirm your device, when you haven’t added one or don’t recognise it, Revolut urges customers to ignore it and flag it as spam.

It also warns not to click on any links or buttons in rogue emails, or forward them to anyone else, and to never download remote access software to your device.

As Revolut explains, scammers may send fake messages asking for these things, or use your email address to fail a login attempt, so they can contact you imitating a financial institution, pretending to help ‘secure your account’. It is important not to give them any additional personal information.

What to do if money goes missing

If you think you have fallen victim to a scam or you don’t recognise an outgoing transaction on your account, Revolut advises customers to freeze their cards immediately. 

The app also urges customers to update their Revolut passcode, as well as any personal email account passwords, and contact Revolut customer support via its secure in-app chat.

How to report fraud via the Revolut app

To alert Revolut to a potential fraud, go to 'Home' on the bottom menu. 

Select the transfer in question from your transactions list and Tap 'Get help'

From there, tap 'Report this transfer as fraud.'

In addition to this, Revolut says it has recently developed in-app calls to help customers quickly expose impersonation scams. 

As the company notes, in-app calls offer a secure method to speak with Customer Support, who now only call customers directly through the Revolut app, something criminals can’t replicate.