Is Revolut safe?

Beveiliging · 9 april 2024Team Revolut

Digital transactions and online banking are on the rise, and keeping our 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 we offer customers convenient, efficient, and fair rates on financial services.

We protect our customers’ information through strong security measures, and we're always improving them to stay ahead of fraud. We use the latest technologies, like machine learning and biometrics, to analyse all transactions.

In this blog, we'll talk about how we keep our customers' money safe, and the steps we take to prevent fraud and scams. For example, with multi-factor authentication and real-time transaction monitoring. Through the trust of our community, we've now grown to over 40 million customers as of March 2024.

How does Revolut protect my money?

In the EEA:

Revolut (Revolut Bank UAB) is a bank incorporated in the Republic of Lithuania, and is licensed and regulated by the Bank of Lithuania and the European Central Bank as a credit institution.

Almost all deposits made by people and businesses with Revolut Bank UAB are protected by the state company Deposit and Investment Insurance. This means, if Revolut Bank UAB can't repay deposited money, the Deposit and Investment Insurance company will repay it to the depositors. Some deposits aren't covered by insurance, and you can find more information on our deposit insurance page or at idraudimas.lt.

This is the same level of protection as traditional banks. It applies to all customers, no matter their nationality, and anyone banking within EU countries is covered through deposit protection.

For more information, please refer to our Deposit Insurance information and our blog.

In the UK:

As an e-money institution, we protect 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 we receive your money, we 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. We keep 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, our customers’ claims on their money would be paid from the safeguarding account.

We don't lend the money we receive from one person to another. As long as we follow safeguarding laws, we'll have enough money in our safeguarding accounts and investments to pay our customers what we owe them.

For more information, please read our article on how we keep your money safe.

How does Revolut protect me against fraud and scams?

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

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

Continuous monitoring and analysis

Our 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 our 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

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

Dedicated fraud prevention team

We've expanded our dedicated fraud prevention team, who are responsible for handling the highest-risk scam cases. Our experts engage with customers on a personal basis and implement necessary measures to prevent fraud.

Scam awareness

Our ongoing scam awareness education programme educates and warns customers about emerging fraud and scam trends. We share 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

We work closely with industry partners, law enforcement, regulators, governments, and consumer groups to fight fraud and scams. Our partnerships include the UK Payment Services Regulator, UK Finance, and Cifas, the UK fraud prevention agency. These enable us to stay informed about evolving threats and advocate for stronger fraud prevention measures.

We also have a close collaboration with the Center of Excellence in Anti-Money Laundering in Lithuania, the Lithuanian Banking Association, and Banking & Payments Federation Ireland (BPFI). We have a complex investigations team which includes ex-law enforcement personnel. It's led to many arrests of people in organised crime targeting our customers.

Our commitment to your security

At Revolut, we're committed to protecting you against fraud and scams. We work hard to keep your information safe and secure. We do this by working together to check for problems, and taking action to fix them. This way, you can rest easy knowing that your information is protected. Your financial wellbeing is our utmost priority, and we'll continue to innovate and adapt to keep you safe in an ever-changing digital landscape.

We also ensure the security of your account and transactions. Here’s how:

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, we provide 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, we'll ask you to confirm that you know and trust them before proceeding with the transaction. If our system detects that the payment may be a scam, we provide in-app warnings — you should always pay attention to these.

Security features

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

Data protection

We process your data responsibly, and align our practices with General Data Protection Regulations (GDPR), plus any global data protection legislation. Check out our Privacy Notice to learn more.

Secure communication

We prioritise clear communication and security awareness. Revolut will never contact you over the telephone without first verifying our identity. We also provide alerts and information when our automated security system identifies suspicious activity. We encourage 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 us for support through our in-app chat — our support team is available 24/7 in 100+ languages.

Will Revolut lock my account?

Our top priority is to keep your finances safe. As a last resort, we may occasionally have to restrict accounts to protect you from threats and make sure your money is secure. Restricting a Revolut account is one of our strongest defences against financial crime.

We try to stop fraud before it happens. If we see any high-risk transactions, we'll usually alert you, to help you spot scams and fraudsters.

Why might you restrict an account?

There are 2 main reasons we might restrict an account:

  1. Your financial safety

We might restrict your account for your financial safety if our monitoring systems identify your account as a potential victim of fraud. Or, if there's been activity on your account that’s suspicious or irregular. Suspicious logins or unusual transactions can also lead to restriction.

2. Laws and regulations

Sometimes, like other financial institutions, we have to restrict accounts to make sure we're following laws and regulations. In some cases, law enforcement agencies might ask us to restrict accounts. We may restrict your account in compliance with laws and regulations related to Anti-Money Laundering (AML), Know Your Customer (KYC), or if we suspect you're violating our T&Cs or abusing our products.

What can I do if my account is restricted?

If your Revolut account is restricted, we'll ask you to check or share information in-app so we can review your account activity. Please follow any requested steps, which might include verifying your identity, or confirming a piece of financial information.

We always aim to lift restrictions within 3 hours of receiving all the information we need, at any time of day, so you're not left without access to your money for long.

Customers deserve to use their Revolut account without worrying about scams or fraud, and knowing their money is being looked after. While restrictions aren’t ideal, they help you stay protected and keep your money safe.

For more information, please read our article on why we restrict accounts.

In conclusion

We'll continue to innovate and adapt to keep you safe in an ever-evolving digital landscape.

Do you have questions like, "Is it safe to hold my money with Revolut?", "Is Revolut safe for large amounts of money?", or “Is it safe to use Revolut cards?"? Rest assured, your security and peace of mind are our priorities.

Short on time? Here's a quick summary of what we've discussed:

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: we adhere rigorously to industry regulations, making sure your finances are managed with the utmost care and security.

Advanced fraud prevention: our 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: our app uses advanced security measures. These include multi-factor authentication and encryption to protect your financial information.

Support at your fingertips: our dedicated support team is available round-the-clock, and are 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.

Dive into the world of smarter financial management by downloading the Revolut app today, or exploring our website for more information.

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