Revolut article in WIRED today - not good PR!


#61

It gets worse:

At the bottom Revolut deny that they are under investigation, however.


#62

I don’t know why this is seen as a big deal.

Investigations have to be conducted by the police when reported. I would be shocked if the legacy banks and building societies didn’t have at least 10-15 a week. I would be shocked if cash machines didn’t have 5-10 a week in a town too.


#63

I agree with @Recchan. This sounds like a case of poor customer service on one particular occasion by Revolut, not fraud. The article confirms that it was an error, whereas “fraud” (in the title of the article) suggests that the loss of the payment was deliberate. I agree (using my own experience) that Revolut’s approach to lost payments is sloppy, but that’s not fraud, just poor customer service. The affected customer should have complained to the Financial Ombudsman Service, not to the Metropolitan Police or the City of London Police.


#64

#65

They won’t last long I suppose, if that’s what they want to take. Unless they make it so something like “eco-friendly but a normal business” passes as a social purpose.


#66

I really really smell something here. In the recent past few days I have seen too many hit pieces about why Revolut is rubbish.

There was the work slavery one, the “fake fraud” 70K transfer, the single-shaming, this truly stupid story about having to be a buzzword-artist to work at Revolut, and of course the evergreen “links with the Russians”.

Traditional banks and financial institutions really cannot be happy about the existence of competitors like Revolut; they ignored it at first but now we’re seeing signs of them making a move.


#67

I don’t think this is traditional banks spreading this. The EU would fine them to hell and back for anti competitive practices. It’s more likely some washed up journalists trying to take pops at the biggest fintech (Europe wise) in order to get clicks


#68

Seeing Revolut does not do much to counter these articles (on the contrary, their own PR article by the Romanian country manager just seems to confirm some practices), maybe there’s some truth to them.


#69

OK I wasn’t alleging an overt and bare-faced campaign by traditional FIs to discredit Revolut, however as some of us know all too well all trace of proper journalistic work has long been eradicated from the mainstream media who are now little more than propaganda machines for vested interests.

The story that annoyed me the most was the guy whose wife’s Revolut account was supposed to receive a 70K traditional bank transfer from a third-party not using Revolut. The sender typed the wrong account number consequently the money never arrived (well duh.) I can sort of believe the guy got frustrated with Revolut customer service trying to chase it but it didn’t justify the headline I saw which was something like “Police swoop in Revolut fraud probe” or something like that. They are definitely putting the boot in.


#70

Where did you read that? It wasn’t in the above article. I see that the article has since been removed and gives a 404 error. I expect that Revolut contacted the publisher and demanded it be taken down for containing libellous content.


#71

It is understood the money was initially mistakenly paid to someone else after the sender entered the wrong details.

It seems as if all the user did was file a case with ActionFraud… which, in my experience, is as good as spending an hour writing up a fully detailed report, and then filing it straight in to the shredder for further investigation.


#72

Thanks @James. I like Revolut’s comment:

We understand that the customer escalated his dissatisfaction to the police by submitting a non-fraud complaint via the Action Fraud portal – this organisation has no police investigatory powers.

This sums it up perfectly!


#73

The details don’t matter - the way that the mainstream media operate is to get a simple picture into people’s minds. In this incident the hope is that some time in the future someone will think hey you know what I am tired of being stiffed on exchange rates I want something better. When they look at Revolut they are supposed to think “oh yeh they were the ones in the police fraud thing so maybe I’ll stick with my nice safe expensive bank.”


#74

I hope you see the contradiction. Details matter.