📢 Revolut Cloud Bank rejected refund requests from UK customers 🇬🇧

📢 Revolut Cloud Bank rejected refund requests from UK customers 🇬🇧

Amid a rise in fraudulent attacks across the United Kingdom, Revolut, founded by Storonsky and Yatsenko, is dealing with a significant increase in complaints and working to identify critical flaws in its security system.

➡️ The Financial Ombudsman Service (FOS) has taken action against Revolut. According to the office, in the second half of 2023, the number of fraud complaints from the neobank's customers increased by 35%, surpassing all other British lenders.

➡️ Most of these cases involve criminal manipulations with authorized push payments (APP). In other words, criminals deceive users into sending payments to another account outside of their control.

➡️ Although there is no formal law yet, the regulator believes that banks and financial institutions should be held accountable in these cases. The responsibility for refunds is expected to be divided between payment service providers, both those sending and receiving payments, up to an amount of £415,000.

➡️➡️ .… but banks, including Revolut, disagree. They fear that if the regulator does not ease the pressure, they might start restricting the ability to make push payments or even eliminate this service.

➡️➡️➡️ Ultimately, this would slow down transactions, harming consumers.
The total amount of reported fraud cases in the UK in 2023 was £2.3 billion.

#news #Europe #crypto

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