Revolut’s updated terms could mean delayed or refused payments as part of a focus on tackling fraud.
- The decision follows the company’s recent UK banking licence approval, demanding stricter fraud controls.
- Customers received notice about the changes, highlighting the increase in mentions of ‘fraud’ and ‘scam’ in terms of service.
- Revolut continues to invest heavily in technologies to identify and prevent fraud, processing over 500 million transactions monthly.
- Amendments to the service terms, effective from January 2025, put Revolut on par with other payment firms fighting scams.
Revolut, a significant player in the fintech arena, has declared its intention to refuse or delay certain payments to combat fraudulent activities effectively. This announcement is a part of the company’s broader strategy to ramp up its fraud prevention measures after obtaining a UK banking licence. Revolut has updated its terms of service, detailing that suspected scam or fraud cases will now serve as valid grounds for blocking both outgoing and incoming payments to customers’ current accounts.
This policy change was communicated to account holders through an email notification earlier this month. The new terms of service, which become effective on 21 January 2025, see the terms ‘fraud’ and ‘scam’ mentioned 16 times—an increase of one-third compared to the present terms. This rise indicates Revolut’s commitment to addressing fraudulent practices head-on, aligning its efforts with industry standards.
A spokesperson from Revolut commented on the measures, stating, ‘Revolut works hard and invests heavily to protect our customers as best we can through our fraud prevention technologies, analysing over half a billion transactions a month. We, alongside many other payments firms, deploy a number of different interventions that are solely designed to “break the spell” of scammers and fraudsters.’ The statement underscores the company’s dedication to safeguarding its users from potential financial threats.
The updates to Revolut’s service terms come as several fintech companies bolster their anti-fraud initiatives to protect consumers and their assets. By aligning its policies with those of other notable payment firms, Revolut aims to maintain customer trust and ensure the integrity of transactions within its platform. This strategic move not only enhances Revolut’s security measures but also reflects the ongoing industry trend to prioritise the protection of digital financial services.
With these changes, Revolut is expected to enhance its ability to manage and mitigate risks associated with fraud while maintaining a high standard of service for its clients. The fintech’s proactive approach ensures it remains competitive and responsive to the dynamic challenges within the financial sector.
Revolut’s adaptation of its service terms reinforces its dedication to combating fraud, setting a heightened standard for fintech security.
