Is Revolut Safe?

Introduction

Digital transactions and online banking are on the rise, and keeping finances safe is more important than ever. As more digital-only banks offer innovative financial solutions, the safety of their platforms is critical. Revolut has been key in reshaping digital banking, because offers customers convenient, efficient, and fair rates on financial services.

Revolut protects customers’ information through strong security measures, and always improving them to stay ahead of fraud. Revolut uses the latest technologies, like machine learning and biometrics, to analyse all transactions.

Through the trust of Revolut community, it has now grown to over 40 million customers as of March 2024.

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How does Revolut protect my money?

In the UK:

As an e-money institution, Revolut protects your money through ‘safeguarding’ — a set of laws that define how an e-money institution must secure your money. These rules make sure that if the e-money institution fails, your money is held securely and can be refunded to you.

Here’s how it works:

Once Revolut receives your money, they must either put it in a dedicated ‘safeguarding account’ with a bank, or invest it in low-risk assets that the regulator has approved as an alternative to cash. The money and assets are held in a range of licenced banks worldwide, such as JP Morgan, Barclays, Citibank, Goldman Sachs, and others. Revolut keeps your money in these accounts or investments until you spend it.

The main difference between FSCS protection and safeguarding is that FSCS protection is covered by an independent statutory organisation, while safeguarding protection is provided by the e-money institution itself. Revolut, or any e-money institution, failing is unlikely. But if it did happen, Revolut customers’ claims on their money would be paid from the safeguarding account.

Revolut doesn’t lend the money they receive from one person to another. As long as Revolut follows safeguarding laws, they have enough money to safeguard accounts and investments to pay their customers what they owe them.

How does Revolut protect me against fraud and scams?

Fraud detection system is at the forefront of Revolut security measures. It uses cutting-edge machine learning and AI methods to detect suspicious activity. In addition, 2,500-strong financial crime team works to prevent Revolut customers from falling victim to scams and fraud. Their estimation is that in 2023, Revolut prevented nearly £480 million in potential fraud against their customers.

Protecting your financial assets is Revolut top priority. They use the latest technology and take proactive steps to keep you safe from fraud and scams. Here’s how:

Continuous monitoring and analysis

Revolut’s state-of-the-art machine learning platform analyses over 590 million customer transactions every month to detect signs of fraud. This platform is used to keep their fraud detection models up to date. It provides advanced protection for all types of transactions, including non-conventional payment methods.

Interactive scam warnings and interventions

Revolut customer-facing scam warnings and interventions have been improved, and are now more interactive and adaptive. They can tailor intervention questions based on the typical ways scams operate. This way, Revolut can warn you about potential scams and encourage you to reconsider risky payments. Proactive approach enables Revolut to stay ahead of emerging scam trends and protect you more effectively.

Dedicated fraud prevention team

Revolut has expanded its dedicated fraud prevention team, who are responsible for handling the highest-risk scam cases. Experts engage with customers on a personal basis and implement necessary measures to prevent fraud.

Scam awareness

Revolut ongoing scam awareness education programme educates and warns customers about emerging fraud and scam trends. Revolut shares helpful tips and real-life examples through different platforms, like social media, to help people spot and stay away from scams day-to-day. For example, showing them how to avoid scams when buying concert tickets or shopping online.

Industry collaboration and engagement

Revolut works closely with industry partners, law enforcement, regulators, governments, and consumer groups to fight fraud and scams. Their partnerships include the UK Payment Services Regulator, UK Finance, and Cifas, the UK fraud prevention agency.

Also, Revolut has a close collaboration with the Center of Excellence in Anti-Money Laundering in Lithuania, the Lithuanian Banking Association, and Banking & Payments Federation Ireland (BPFI). In addition, a complex investigations team which includes ex-law enforcement personnel.

Multi-factor authentication (MFA)

When accessing Revolut via the mobile app, you’ll need to provide either a PIN, passcode, or biometrics (fingerprint or facial recognition). You’ll also get an SMS one-time passcode whenever necessary. This multi-factor authentication process adds an extra layer of security to prevent unauthorised access to your account.

If you’re using the desktop app to send money, you’ll get a notification when you initiate a transaction. It’ll prompt you to confirm a login request in your mobile app. This makes sure that only you can proceed with the payment.

Verification for online purchases and transfers

When making online purchases, Revolut provides transaction verification to authenticate the transaction. If transaction verification is requested by the merchant, you’ll receive a notification in-app. You’ll need to open the app and confirm the request before the payment can continue, which prevents unauthorised transactions.

When sending money to a new recipient, Revolut will ask you to confirm that you know and trust them before proceeding with the transaction. If Revolut system detects that the payment may be a scam, it provides in-app warnings — you should always pay attention to these.

Security features

Revolut offers virtual disposable cards, which are single-use virtual cards that can be used for online shopping. Once you pay, we delete the card details. This stops them from being skimmed or reused by criminals.

In addition, Revolut in-app transaction history allows you to track your account activity. If you see anything suspicious, its app allows you to quickly freeze your card. If the transaction is safe, you can unfreeze it with a tap.

Data protection

Revolut processes your data responsibly, and align its practices with General Data Protection Regulations (GDPR), plus any global data protection legislation.

Secure communication

Revolut will never contact you over the telephone without first verifying your identity. Revolut also provides alerts and information when its automated security system identifies suspicious activity. Revolut encourages you to carefully review these alerts and take your time to consider the situation before making a decision. If you’re ever in doubt, don’t hesitate to contact Revolut for support through an in-app chat — the support team is available 24/7 in 100+ languages.

In conclusion

Secure holdings: in the EEA, most deposits are insured by the state company Deposit and Investment Insurance. In the UK, your money is safeguarded through dedicated accounts and low-risk assets, to add an extra layer of protection.

Regulatory compliance: Revolut adheres rigorously to industry regulations, making sure your finances are managed with the utmost care and security.

Advanced fraud prevention: Revolut systems are equipped with robust fraud detection mechanisms. They track and detect suspicious activity to protect your money from unauthorised access or fraudulent transactions.

App protection: Revolut app uses advanced security measures. These include multi-factor authentication and encryption to protect your financial information.

Support at your fingertips: Revolut’s dedicated support team is available round-the-clock, and is ready to help with any concerns regarding your account’s security.

Now that you understand how Revolut keeps your money safe and shields you from fraud and scams, you’re ready to take the next step.