Have you fallen victim to a Revolut bank fraud scam? Get in touch and take the first step to recovering what’s rightfully yours.
What makes online banks such as Revolut different from other banking providers is the fact that they’re not actually a bank, and as such they ultimately follow different processes. Although you can use the services for a wide range of money management and payment services, they’re deemed as an e-money institution, although they are still regulated by the FCA. This means that they follow different processes in the event of refunding money that has been lost, including through bank fraud.
Although you can use online banks like Revolut services for a wide range of money management and payment services, they’re actually deemed as an e-money institution. This means that they follow different processes in the event of refunding money that has been lost, including via fraudulent means.
At TrustLine Recovery, we have worked with clients who have lost money from Revolut scams and have been successful in achieving refunds through different methods. We know what works, and we have been able to recover large amounts of money back for clients. If you’ve been scammed and are wondering “what now?”, then we can help.
At TrustLine Recovery, we have worked with clients who have lost money from Revolut scams and have been successful in achieving refunds through different methods. We know what works, and we have been able to recover large amounts of money back for clients. If you’ve been scammed and are wondering “what now?”, then we can help.
Whilst you are likely to find that Revolut won’t refund your money, there are alternative actions you can take. At TRL, we’ve helped clients recover funds on a no-win, no-fee basis. Simply get in touch with us for a free consultation and a member of our recovery team will be in touch to discuss your case in more detail.
If we find that we can help recover your money, or if cryptocurrency was involved in the transactions, then we can advise you on the next steps and start the process for your recovery journey.
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Over the past 3 years, we’ve recovered more than $40,000,000 for our clients. It’s thanks to our team of solicitors and recovery claim specialists who trace and recover the investments you’ve lost from scams. Plus, we offer a no-win, no-fee service. You won’t pay a thing except for your consultation tax and Legal KYC verification fee for assets ownership indication.
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Falling victim to fraud can be overwhelming and distressing. You deserve expert guidance and support every step of the way.
Another common identifiable trait of a crypto scam is if you are asked to pay management or administrative fees, tax payments or “release funds” for the investor to release the funds back to your wallet. If someone you’ve traded with is asking for additional fees to release your funds back to you, then this is a sign of a crypto scam. Usually, in this case, the investor has used your investment to then go on and make their own, typically losing funds in the process, or just want to make additional funds on top of those they’ve already made.
If you’ve lost money and have had your request for a refund has been refused and you don’t believe that they have done all that they can to recover your funds, then we can help. With the cases we have worked on so far, we’ve found that in all instances, the client’s request has been rejected, no matter the nature of the issue.
In most cases, this is because Revolut believes that it took the necessary action required at the time to attempt to stop money from leaving the affected account, such as providing the account holder with warning messages or blocking the initial payment. However, we argue that Revolut should be doing more to protect customers, such as by recognising suspicious activity within the account.
If your request has been refused, you can then go to the Financial Ombudsman Service (FOS), where you have 6 months to submit a complaint. However, we can work to recover your lost funds on a much quicker time scale.
In a number of Revolut cases, cryptocurrency will be involved. Revolut is a supporter of cryptocurrency transactions and allows for the transfer and movement of funds between accounts, however, it does have high fees involved and may limit some control over your funds.
On their website, Revolut states that “when you use our crypto services, you will not be protected by the Financial Services Compensation Scheme (FSCS) and if you have a complaint, then it is not likely to fall within the scope of the jurisdiction of the FOS”. This means that, in the event of a scam they are in a position where they can, and likely will, refuse to provide a refund.
In many cases, victims may be tricked into sending funds into a cryptocurrency wallet. If this has happened, then we may be able to help recover these funds. Transfers which are made to crypto wallets and where this money is then sent to the scammer’s account is a form of investment scam. Like other banking providers, they should be looking to protect customers if transactions to crypto wallets are made, but they’re not doing so. This is where we can help as we have processes and procedures that we can take to trace and recover your lost funds.
If you think you’ve been a victim, you should end communication with the scammer straight away and contact the bank as quickly as possible to see if they can stop the payment. Usually, the quickest way is through the in-app chat support so the account can be secured quickly and then the issue looked into. Revolut are unlikely to refund money lost, as they don’t have the responsibility to do so. So, then you should report the incident to Action Fraud.
After this, to maximise your chances of getting your money back, you should contact us at TRL.
If someone contacts you over email or text message claiming to be from Revolut with any of the following information, it’s likely to be phishing:
Asking for any kind of personal details or financial information
Telling you there is an issue with your account or your money is in danger, and that you need to act quickly
Asking you to move your money into a different account
To keep your money safe, you should never share your financial details and, if you see any suspicious activity, you should freeze your card instantly. You can also use single-use virtual cards for payments and transactions, so the details can’t be reused. Also always ensure that you have two-factor authentication set up to ensure that all payments must be approved by you before going through.
Whilst Revolut may send text messages or emails with updates, they will never contact you to ask for financial information, to make payments or to transfer money to a safe account. They will also never ask you to confirm any security information or to click on a link. So, if you ever receive a message containing any of the above, make sure that you get in touch with them through the app directly and report to them the fraudulent messages you’ve been receiving.
Revolut doesn’t hold a UK banking licence, so it is not technically a bank. It’s also not part of the CRM code. As a result, they are not responsible for refunding money lost through Revolut, whereas the other major banking providers in Worldwide would have more obligation to help.
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