Revolut Megathread.

"Do you have to be using your phone for payments to come out of your account?"

Yes actually, PSD2-SCA says that financial institutions must only allow payments or push transfers when they are approved with 2fa. The reason for the 2fa is to prevent a single compromise from letting someone steal your money. If his phone was compromised like you suggested and that allowed someone to steal his money, 2fa wasn't implemented correctly and that absolutely is Revolut's fault.

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32018R0389

Payment services offered electronically should be carried out in a secure manner, adopting technologies able to guarantee the safe authentication of the user and to reduce, to the maximum extent possible, the risk of fraud. The authentication procedure should include, in general, transaction monitoring mechanisms to detect attempts to use a payment service user's personalised security credentials that were lost, stolen, or misappropriated and should also ensure that the payment service user is the legitimate user and therefore is giving consent for the transfer of funds and access to its account information through a normal use of the personalised security credentials. 

Furthermore, it is necessary to specify the requirements of the strong customer authentication that should be applied each time a payer accesses its payment account online, initiates an electronic payment transaction or carries out any action through a remote channel which may imply a risk of payment fraud or other abuse, by requiring the generation of an authentication code which should be resistant against the risk of being forged in its entirety or by disclosure of any of the elements upon which the code was generated.

I don't know why you're so quick to jump to conclusions and defend Revolut when you have almost none of the facts.

In this specific case "Payments went to a UK ­Revolut account, he said." which means they were P2P transactions within the Revolut System, at least that is what it can be interpreted as.

P2P payments only require you to log into the app (with whatever security method you have chosen) and then it's easy to do if you have an identifier for the receivers revolut account.

Only where there is an usual behavior like for example the account you send to is not in your address book, it's a strange amount, it's small amount after small amount or any other "AI" trigger will you get prompted to watch a video about fraud or asked to validate again. At least in my experience.

Card Payments are a different story, so are bank transfers where I get this damm same video over and over again when creating a new receiver.

And it should be extremely easy for Revolut to find out how these were authorized and what the relationship of the receiver is to this person. There should be enough data points available from them hoovering up the data as they do.

But this person clearly had this phone compromised or maybe his company or a thread actor remotely wiped it (giving how his apps were missing) and the revolut fraud is unrelated to the phone reset or maybe it did not happen this way, we don't know because we don't have the full context.

All we know is that when we use Revolut we should take every precaution to ensure our accounts are safe, including ensuring we use send / spend limits and protect our phone adequately.

While the article (still a Bank of Ireland responds to Revolut savings account move video in the middle is dodgy) does not give us enough info, it raises a valid point, revolut is hard to get hold off, their customer service is bad and sometimes they don't even have the ability to understand what the issue is. In addition, their lack of details on how they know that there was no fraud, and these were authorized makes it hard to understand what really happend.

In the end make sure you follow best practices for your device security and the security of any app you use.

Is there any merit in placing revolut in the secure folder location on a samsung phone. Would this add any layer of protection over depending on androids sandboxing?

P2P payments on Revolut do not require 2 step verification

There systems has been like that since day one and they get a banking license after so they must be compliant with all regulations.

The article reads to me like an anti Revolut/Fintech piece.Nameless cyber security expert, sensationalist tag line with "while he slept".

Then just says they got refunded after publication. No verified quotes, dates, timelines etc.

It's a very poor article.

They clearly stated that something happened to the phone as apps had to be reinstalled so this fictional cyber security expert did something wrong.

Sames as if you click on a link, it's your fault not the bank.

I think it was reported previously that the average balance from Irish customers was around €600. I wonder if it is a lack of trust in the neo's, for reason such as the Indo piece, being a significant part of the reason why people won't use a neo as a primary bank.

Personally it is for me - I have no issue using a fully digital service. But I want good customer support when I have an signficiant issue. Its for that reason I have a paid plan with N26 vs Revolut, as I have savings with them @4% plus comfort of knowing I can call them on the phone if there is a problem.

I accept free plans will have limted customer support, but for me the top tier at very least for Revolut should offer phone support.

Bunq have limted phone support, but you are able to contact them via chat in the web app, which I find much better than via mobile app only, epecially if I need to explain a lot of details.

I'd say that's changed a lot now as at the time Revolut did not have Irish ibans only Lithuanian ones and despite SEPA regulations many Irish bodies cannot accept non Irish ibans.

2.x million customers do not mean active customers, nor does it mean that they use Revolut as their main account.

I suspect most are using it for friends & family (instead of PayPal) or to save on the ridiculous foreign exchange fees for buying at Amazon or other foreign vendors and even some to send money home for next to nothing!

There might be a significant group that moved to main account especially since Revolut now offers a credit card and some enjoy the paid plans because there can be value in them, but overall,l I don't believe that 50% of the adult population is using Revolut for their day-2-day.

I've transferred about 4000 rev points to BA avios now,instantaneous

Also double Rev points on using Stays

So if you spend 5k on a family holiday hotel,you will get 10k avios which is enough for a return business class flight to London

I got an email today explaining it

It says Rev points are replacing cashback

So no more cash back

If you fly on BA,within 30 days,you get the chance to triple boost (or double or single) your avios at about 1.1c per avios point

But if you pay with Rev and you are ultra,you'll get the Rev points for that too and can convert back to avios straight away

I think ultra pays for itself with its freebies and tge higher savings rate but with Rev to avios,I think its become the first decent avios card in Ireland,10 times better earning than the rather pithy aerclub card

Edited to add,it can be any oneworld airline and aer lingus credited to BA exec club

Its hidden in the app

Go to lifestyle and tap the icon at the top right

Then enable it

Their support no better on any plan not just the free level, it's farcical support to be honest and I'm day to day with salary into revolut user on metal.

FSPO are not interested in investigating complaints about banking services headquartered/regulated outside of the island.

I don't find that an acceptable view for an expensive product. Oh well we have so many customers we just won't bother providing decent service to any of them.

For the free tier sure have it 100% bots but when you are paying more for plans the service quality should increase proportionally (which it does not currently). There are things they could do to improve service such as adequate training (more than click this scripted answer in this drop down) and maybe add an option pay per case or pay per case phone support. Bunq support is extremely slow but you have an sos option and get to someone who understands their systems and can resolve issues in minutes. Revolut provide nothing of the sort.

As well as that every time you contact them on the same case you get a new wally and you have to start all over again as they are not able to read cases and you rehash the same scripted answers and suggestions over again.

Bottom line is they don't care about customers and care only about their margins and sure that's what they are in business for but they have an awful image and no appetite to fix it either.

And now that they have started cutting services and replacing them with new less rewarding products their paid plans are even less attractive.

N26 is becoming a better option in my view and I see myself moving to my N26 eventually.