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Revolut won’t refund money to a woman who got scammed of £8,000 from her Vaults

Deborah Wright lost £8,000 of savings from her Revolut accounts to fraud in October, BBC reported.

Read also: Starling Bank is blocking all crypto-related payments

Unlike banks, Revolut is not signed up to a code that aims to reimburse customers for this type of fraud.

The 55-year-old dog groomer got a phone call from a man claiming to be from the Virgin Money fraud department.

The fraudster said her bank account was under attack, and persuaded her to download some software that allowed him to take control of her computer.

The fraudster, who kept reassuring her that she was safe, asked her about her other accounts, and got her to transfer money out of her 12 Revolut “vaults”.

She questioned why Revolut had not stopped transactions that had not followed her normal behaviour patterns, as banks do. Virgin Money is still investigating what happened.

Deborah was a victim of what is known as an “authorised push payment fraud”. This is when fraudsters persuade their victims to send money themselves.

About 10 High Street banks are signed up to a code – the Contingent Reimbursement Model Code – which aims to give money back to people who fall victim to this kind of scam.

However, Revolut is not a UK bank, and is not signed up to this code. It is an e-money company that offers digital banking services.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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