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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.
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.
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:
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.
Often, victims may be tricked into sending the money to a cryptocurrency wallet in your own name and then to the scammer. Where that happens, we may still be able to help. Banks should have known about this type of scam for a long time, as it has been common for a number of years.
Transfers to cryptocurrency wallets and then to scammers are often investment scams. This is another type of APP fraud that usually involves a fake broker or trader which pretends to trade and shows good results. Scammers tricking victims into sending money via cryptocurrency is one of the recent investment fraud trends in the UK, with Action Fraud regularly warning banks and others about the scam risks. Victims are tricked into sending the money into a cryptocurrency wallet, and then from there into a fake trading account that appears to be legitimate. Unfortunately, the training account is actually an investment scam.
Banks like Revolut should still be protecting customers when they make payments like this into cryptocurrency wallets, and so Refundee can still fight the case for you.
An example posted on the Which? Website showed the message mentioning a specific location for a transaction and a unique reference to make it seem legitimate:
This is likely a type of ‘safe account scam’ where the scammer pretends to be your bank and tells you your account is under threat and you need to urgently move it to a new account they’ve created. Your bank would never ask you to do this, but a scammer would. In this situation when you call the number they would use this unrecognised transaction you are calling back to convince you someone has accessed your details and that the only way to protect your account is to transfer it. This is often called an ‘impersonation scam’, a ‘safe account scam’ and more generally APP Fraud.
If you have lost money to APP fraud from your Revolut account, Refundee could help you get your money back from your bank and you can fill in our fraud refund claim form for a free consultation. Our fee is 15% plus VAT on anything that we get back, and we don’t charge anything if we are not successful. For larger cases, the fee is subject to a maximum of £10k plus VAT per case.
Remember you don’t need to use a company like Refundee, you could work your case yourself for free! If you’d like to get a refund yourself, you can do this by following our bank transfer refund guide.
Customers often ask if they can get money back if they paid by bank transfer, or if they can get money back if they pay by BACS. The answer is yes, victims of scams may be able to get their money when they paid by either of these methods.
Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated
claims management activity
FRN: 937096. Registered with the Information Commissioners Office; registration number: A8986071.
Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE. Registered as a company in England &
Wales; number: 12855931.
