Revolut is taking significant steps to combat payment fraud by potentially refusing or delaying certain transactions.
- The new measures follow Revolut’s receipt of a UK banking licence, indicating a more robust approach to financial security.
- Changes to the terms of service will allow the prevention of transactions suspected to be linked with scams or fraud, starting January 2025.
- These policy adjustments will affect both incoming and outgoing payments on current accounts.
- Customers have been notified of these changes, emphasising Revolut’s commitment to safety and security.
Revolut has announced the potential refusal or delay of specific payments as part of its intensified efforts to tackle fraud. Following the acquisition of a UK banking licence, the fintech company is implementing new fraud prevention measures.
The revised terms of service, effective from 21 January 2025, now include conditions that enable the interruption of transactions perceived to be fraudulent or scam-related. This move is part of a broader strategy to protect users and their finances more effectively.
Customers received notification of these updates earlier this month. The change sees the terms ‘fraud’ and ‘scam’ appearing 16 times in the new agreement—a substantial increase from the current terms. This reflects Revolut’s proactive stance in safeguarding user accounts.
A spokesperson for Revolut highlighted the company’s significant investment in fraud prevention technologies. Processing over half a billion transactions monthly, Revolut leads by example in the financial technology sector, employing robust interventions to thwart scam activities.
Through these measures, Revolut aligns with various other payment firms striving to dismantle the operations of scammers and protect client assets efficiently.
Revolut’s decisive action underscores its commitment to customer security in the face of ever-evolving fraud tactics.
