Revolut—Revolut led UK banks in fraud complaints with 10× worse rate than traditional banks
BBC Panorama investigation October 2024 found Revolut named in 10,000 fraud reports in 2023 - 2,000 more than Barclays and double Monzo. Payment Systems Regulator data showed for every £1M paid into Revolut accounts, £756 was from APP fraud - more than 10× the amount flowing through Barclays. Financial Ombudsman received 3,500 complaints about Revolut in 2023, more than any similar company. Notable case: customer lost £165K after criminals bypassed selfie verification, took 23 minutes to reach right department to freeze account, during which £67K more stolen. Former employee told BBC: 'Protecting Revolut from being used for financial crime always played second fiddle to the desire to launch new products.'
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Consumer Protection | -against | primary | -1.00 |
| Corporate Governance | -against | secondary | -0.50 |
| Overall incident score = | -0.429 | ||
Score = avg(topic contributions) × significance (critical ×2) × confidence (0.57)× agency (negligent ×0.5)
Evidence (1 signal)
BBC Panorama investigation found Revolut led UK banks in fraud complaints
BBC Panorama investigation aired October 14, 2024 found Revolut named in 10,000 fraud complaints in past year - 2,000 more than Barclays, double Monzo. Financial Ombudsman Service received 3,500 complaints about Revolut in 2023, more than any similar company. Payment Systems Regulator data showed for every £1M paid into Revolut, £756 from APP fraud - 10× worse than Barclays. Featured case: customer lost £165K after criminals bypassed ID verification, 23-minute delay to freeze account cost additional £67K. Company insider told BBC: 'Protecting Revolut from being used for financial crime always played second fiddle to the desire to launch new products.'