Revolut Faces Scrutiny Amid Surge in Fraud Complaints

The digital financial firm is under fire for its security measures as it leads in fraud reports compared to major UK banks.

Revolut customers have reported losing significant sums to fraud, with one businessman losing £165,000 due to scammers bypassing security controls.
The UK’s Action Fraud received nearly 10,000 reports involving Revolut last year, surpassing complaints against major banks like Barclays and Lloyds.
Revolut recently secured a provisional banking license in the UK, which raises stakes for customer protection against scams.
Consumer advocates criticize Revolut for not adequately protecting users and call for stronger fraud prevention measures.
Revolut claims to have prevented £475 million in potential fraud losses globally but acknowledges ongoing challenges in tackling scams.