UK consumer association watchdog Which? has released a warning to Revolut business customers after it received two complaints about their business bank accounts being drained by fraudsters.
Both victims came forward to Which? last week and stated that in both circumstances fraudsters had passed Revolut’s facial recognition security check.
Go deeper with GlobalData
The attacks happened under similar circumstances and, according to the watchdog, only two days apart.
Both victims had lost a considerable amount of money, with one victim admitting that it could send their business to the brink of bankruptcy.
In both instances the stolen money was transferred to HSBC accounts that were presumably opened or controlled by the fraudsters.
Revolut stated that it could not reimburse either victim since its multi-factor authentication, including the use of facial biometrics, was passed in both cases.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOne victim described the experience to Which? explaining that he had received a phone call from the fraudsters appearing as Revolut, closely followed by an email that also appeared as though it were legitimately from the company.
“The caller says they are from the Revolut fraud protection team and explains that there have been suspicious transactions on my account. They think my account has been compromised,” they stated.
The second victim felt let down by Revolut’s response, calling the lack of support from the company “outrageous”.
“Why didn’t they restrict my account after a new device logged in that I didn’t confirm or stop 38 transfers for a total amount of over £40,000 in ten minutes, which significantly exceeds my usual transactions?” they asked.
In response to these cases, Revolut stated that it was investigating how fraudsters were able to pass its facial biometric checks.
“We are continuously strengthening our fraud controls to stay one step ahead of this trend,” a Revolut spokesperson said, “introducing further direct interventions and sharing educational materials with our customers so they are able to spot the social engineering tactics of criminals.”
