Beware Fraud: It's your loss, not Revolut's (For Now)

TL;DR Revolut is not complying with regulations pertaining to fraudulent transactions. At best, it’s making it difficult to file chargebacks. At worst, you may never see your money again.

I had a sterling transaction on my account from a merchant with whom I have (and never have had) a relationship. It was a UK insurance company.

I immediately blocked the card, only to see two further transactions (from different insurers) being declined within 90 minutes.

When I eventually got through to support, I was asked to complete a ‘chargeback request’ which I did immediately.

Today, over a week later, I was contacted via the app and asked to contact the merchant myself to request a refund. This goes against my experience of UK banks’ fraud handling, where they will take responsibility for initiating a chargeback (if they deem it justified) and place the onus on the merchant to prove it was legitimate.

I called the merchant, which verified that the policy purchased is not in my name nor is it at my address - but that was as far as they would go (for data protection reasons). I was told to contact the ‘bank’ to initiate a ‘callback or indemnity claim’. So I was back at square one.

Revolut’s support person - who was still on chat - had no idea how to proceed and could not even find out how to complain. I had requested a complaint form via Twitter, so lodged a formal complaint and told him so. His response: “You will get our final decision by end July”.

I checked with the Financial Ombudsman Service whether there is a material regulatory difference between a prepaid card (like Revolut) and a debit card. There is not. I then spoke to the Financial Conduct Authority and it confirmed that Revolut is covered by The Payment Services Regulations 2009 which, inter alia, state:

"Payment service provider’s liability for unauthorised payment transactions

61. Subject to regulations 59 and 60, where an executed payment transaction was not authorised in accordance with regulation 55, the payment service provider must immediately—

(a)refund the amount of the unauthorised payment transaction to the payer; and
(b)where applicable, restore the debited payment account to the state it would have been in had the unauthorised payment transaction not taken place."

Revolut is not complying with this and needs to have pressure put on it to act responsibly. I use the service frequently and like it, but it’s not enough to be “warm-and-fuzzy”. If Revolut has ambitions to be a bank it needs significantly to up its game when helping customers deal with fraud.



Regardless of the UK Cards Association’s view on fraud protection, the Regulation doesn’t give Revolut an option whether it would like to initiate a chargeback, it is required to do so - and to do it immediately.

Getting Revolut to do the chargeback in my case is proving impossible at the moment.


Ask them on Twitter.

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Believe me, I’ve tried. I just keep getting told to wait for the chargeback team, but when they got around to me, they told me to contact the merchant myself. (See my original post.)

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Hi @bernardh , did you get around your problem? I’m interested to know since I basically just experienced a fraudulent transaction made with my Revolut card today.

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After a long wait, Revolut agreed to reverse the fraudulent transaction.


Happy it turned out the right way for you. That gives me a bit more confidence for the resolution of my own problem. Wait and see now…

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I’m in a similar situation at moment, I’ve been using my card on holiday. And have had 3 fraudulent transactions processed. Two of which are awaiting merchant processing. The response from revolut was swift but not satisfactory, as the onus seems to be that I have to wait for the transactions to process before they can start the charge back process. Which means I’m stuck. How did you manage to resolve the issue? I’m currently in limbo.
Appreciate any insights.

I had to file a formal complaint even to get them to start to investigate. The credit was not given for weeks - even though the regulations say that it should be given immediately the payment service provider is notified of the issue - and my complaint was upheld in full.

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@bernardh how did you fill the formal request to start the investigation? I just had money stolen from my card also and so far support team was not really helpful and acted just as you have described in your post, thanks!

I was given this link. It doesn’t appear to be tied to my account, so give it a go:

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Same here. I got 2 fraudulent charges 10 months ago and nothing helped at the end of the day. Mastercard declined chargeback, complaint to Financial Ombudsman Service changed nothing, so I just “happy” charges were not so big. Keep in mind Revolut has zero responsibility, they are not even a card issuer.

It’s important to know if Revolut is willing to give a refund or not BUT first the most important is to know how your phone has been hacked?
Do you use an Android smartphone? Have you flashed the firmware to install another OS??

This is nothing to do with phone hacking. It is grabbing of card details from a physical transaction - in my case most likely in Italy when I had a failed ATM transaction.

I now keep all my cards disabled until I want to use them. I also regularly create and delete virtual cards for online transactions. (If an attempt at a fraudulent charge happens, it will be unsuccessful and I can replace the card.)

Hi @szapiszapo did you get reimbursed? I have just had a huge amount of money fraudulently taken from my revolut card and am quite worried now! Thanks.

Not yet. Apparently it takes 45 days from the moment you file the chargeback form.

Activé lun., nov. 27, 2017 à 10:27, Maia a écrit:

Just thought I’d be fair to Revolt. After the issue I identified 19 days ago. The charges eventually processed. I then initiated the charge back process with Revolut. And once I persisted with the case they refunded the card. Process while long did work.

Hei @bernardh ,
Thanks for the feedback.
How long did you have to wait to get refunded?

I also got fraudulently charged and I’m now waiting for a refund. Hard to say where my card was skimmed and how… I am very careful with it, but I have used it in 15-20 countries so far, and numerous websites.

The way the fraud went was they first charged a really small amount (3 pounds) from a UK merchant, then they charged me from Vietnam, in Vietnamese Dong, the equivalent of 800 pounds. They tried approx 1600 first, when that was declined they tried again with around 800 and it went through.

I was driving while it was happening, so didn’t touch the phone. I blocked the card immediately after stopping and seeing what had happened, and contacted Revolut support. The big transaction was still in Pending state. The support had me wait until it was Completed and let me file a claim then.

It’s been a week now. Just writing here to ease up my waiting.