Digital finance scam awareness: know what to watch out for

The rise of digital finance has transformed how we manage our money — offering convenience, speed, and accessibility. But as technology advances, scammers are evolving too. Reports of fraud are increasing across the finance industry, and knowing what to look out for is your first line of defence in protecting yourself against becoming a victim of theft.

At Revolut, we're constantly evolving our security, scam awareness, and fraud reporting measures to ensure you're spending and saving safely. Here, we’ll break down the most common scams in digital finance — like investment scams, impersonation schemes, and triangle scams — and share tips to help you stay one step ahead.

Investment scams

Investment scams can take many forms — whether it’s a quick fix or a long con, fraudsters will attempt to gain a customer's trust, and then exploit it for profit. Scammers promise high returns, risk-free opportunities, or exclusive deals to lure in unsuspecting victims. They prey on vulnerable customers by manufacturing urgency, making their promises hard to ignore.

How do they work?

1. Pump-and-dump schemes: scammers artificially inflate the price of a cryptocurrency or stock by spreading misleading information. Once prices surge, they sell their holdings, leaving investors with worthless assets while prices plummet.
2. Fake investment platforms: fraudsters set up fake websites or apps that mimic legitimate investment platforms. Victims deposit funds, only to find they can’t withdraw their money. These platforms may show fake profits to get customers to deposit more.
3. Unregulated forex or crypto trading: high-pressure sales tactics and promises of guaranteed profits lure victims into unregulated forex or crypto trading platforms. Often, victims are hit with fees to access their 'profits', only to discover the money never existed.

How do I protect myself?

• Verify legitimacy. Before investing, research the platform and ensure it’s regulated by financial authorities.
• Avoid pressure tactics. Legitimate investment opportunities don’t force you to make quick decisions. Be wary of anyone urging you to act fast.
• Recognise unrealistic promises. If it sounds too good to be true, it probably is. Be sceptical of guaranteed returns or no-risk claims.

Impersonation scams

Impersonation scams exploit the trust we place in familiar brands or individuals. Scammers pose as trusted entities — financial institutions, customer support representatives, or even friends — to trick victims into revealing sensitive information or transferring money.

How do they work?

1. Fake customer support: scammers contact customers claiming to be from a bank or digital finance app like Revolut. They often cite “suspicious activity” on your account and ask for sensitive information such as passwords, PINs, or OTPs to resolve the issue.
2. Spoof emails or messages: fraudsters send emails or messages that look like they’re from legitimate companies. These communications often contain urgent requests to verify accounts or reset passwords, leading victims to phishing websites.
3. Social media impersonation: on platforms like Instagram or LinkedIn, scammers create fake profiles mimicking trusted financial advisers or influencers. They use these profiles to promote fake investment opportunities or to solicit money directly.

How do I protect myself?

• Double-check identities. Always verify the source of any communication, and use official channels to contact companies directly — instead of responding to unsolicited messages.
• Don’t share sensitive information. We'll will never ask for your password or PIN via email, phone, or chat.
• Beware of links. Avoid clicking on links from unverified sources. Always navigate to official websites by typing the URL directly.
• Watch out for warnings. If you’re told to ignore any warnings from us or any other company, take a step back — our security systems are trained to flag suspicious activity, and we'd never tell you to disregard security notifications.

Triangle scams

Triangle scams are more complex and often involve three parties: the scammer, an unwitting intermediary, and the actual victim. These scams are particularly challenging to identify because the intermediary often has no idea they’re being used.

How do they work?

1. The set-up: the scammer buys goods or services from an online seller (the intermediary) using stolen credit card information.
2. The victim: they then sell the goods to an innocent buyer at a discount.
3. The fallout: when the fraudulent payment is discovered, the seller is left without the goods or payment, and the victim is unaware of their involvement in the scam.

In some cases, triangle scams also involve fake job postings or contests where participants unknowingly handle stolen money or goods.

How do I protect myself?

• Vet buyers and sellers. When selling items online, verify the buyer's identity and payment method. For significant transactions, use platforms with secure payment options.
• Be wary of discounts. If a deal seems unusually cheap, it could be a sign of a triangle scam.
• Monitor your transactions. Regularly check your Revolut account activity for unauthorised changes, especially if you're engaging in online trading or selling.

Your digital safety checklist to stay ahead of scammers

Digital finance is revolutionising how we manage money, but has also created new avenues for theft and fraud. To protect yourself:

1. Stay informed. Scammers constantly evolve their tactics. Regularly educate yourself about new types of fraud.
2. Be cautious. Whether you’re investing, responding to emails, or selling online, approach every transaction with a critical eye.
3. Use Revolut’s security features. Enable two-factor authentication (2FA), biometric security, account monitoring features, and wealth protection to keep your accounts safe. If you suspect you've sent money to a fraudster, freeze your card.
4. Report suspicious activity. If you suspect a scam, report it to us via the app. If you don't have access to your account, you can email us at [email protected].

How Revolut keeps you secure

Staying safe in the digital finance world requires vigilance on all fronts. Our sophisticated security measures keep you safe from fraudulent transactions — but this is only half of the battle. By recognising common scams like investment fraud, impersonation schemes, and triangle scams, you’ll be better equipped to navigate the online financial landscape with confidence.

Our fraud and scams hub is one of the resources we provide to give you more control over your financial safety. Some other ways that we keep you safe include:

• Real-time notifications: we flag suspicious transactions instantly and take immediate action. If we freeze your card, you can quickly review and unfreeze it via the app — but only if you recognise the transaction.
• Advanced account controls: customise your security settings directly in-app, giving you full control over your account activity. For an extra layer of security, make sure to set up location-based triggers and wealth protection.

Together, we can outsmart scammers

While scammers may try to exploit vulnerabilities, staying vigilant ensures you stay in control. Our sophisticated security measures, along with your awareness, will help you navigate the digital finance world confidently and safely, providing you with the knowledge and tools to avoid becoming a victim of fraud.