Revolut is a UK business success story. Founded almost a decade ago and offering online payments and foreign currency services, it’s expanded rapidly and is now valued at around £35 billion. Revolut was granted a provisional banking licence in the summer of 2024, but it’s also the financial ombudsman’s most-complained-about financial institution for fraud. Reporter Catrin Nye investigates the stories of Revolut customers who say scammers took tens of thousands of pounds from their accounts and that Revolut failed to protect them. Revolut says it takes fraud ‘incredibly seriously’ and that it has invested heavily in both detecting fraudulent activity and preventing its customers from being embezzled.
