Revolut Leads UK Fraud Complaints as Customers Seek Redress

Data obtained by Which? reveals that Revolut remains the leading UK firm for fraud complaints, significantly outpacing other banks. In the calendar year of 2024, customers of the e-money provider submitted an alarming 3,242 complaints related to Authorised Push Payment (APP) fraud, according to information from the Financial Ombudsman Service (FOS). This figure far exceeds that of its closest competitors, Monzo, with 2,344 complaints, and Barclays, which received 1,704 complaints.

The data for 2025 so far mirrors this trend, although the ranking of the top three has shifted, with Monzo now surpassing Barclays. Notably, Monzo has also reported the highest percentage of successful appeals in APP fraud cases, indicating that its customers are often wrongly denied reimbursements more frequently than those of other banks.

In addition to APP fraud complaints, Revolut customers filed 2,631 other fraud and scam complaints in 2024, with Monzo and Barclays again rounding out the top three with 1,810 and 1,461 complaints, respectively. These numbers suggest a troubling pattern for Revolut, which is expected to continue in 2025 as the initial months show similar complaint figures.

Concerns Over Fraud Handling

Revolut’s performance in handling fraud complaints has raised significant concerns. The firm has the highest uphold rate of 37% for non-APP scams and fraud cases. Nevertheless, customers have expressed frustration over the handling of their claims. Reports from March 2024 indicated that some business clients faced challenges in securing reimbursements, with victims sharing experiences of lengthy waits for resolution. One individual, who lost £165,000, was featured in a BBC Panorama investigation, highlighting the urgency and severity of the issues facing Revolut customers.

In 2023, Revolut was cited in almost 10,000 complaints to Action Fraud, surpassing other major banks such as Barclays, which received 7,874 fraud reports, Lloyds Bank with 7,395, and HSBC at 5,467. This data underscores the challenges faced by Revolut in curbing fraudulent activities.

The Payment Systems Regulator (PSR) data further illustrates this issue. For every £1 million deposited into consumer accounts at Revolut, £756 was linked to APP scams in 2023. While not the highest among smaller payment firms, this figure stands out against traditional high street banks and digital competitors like Monzo and Starling.

Revolut’s Response and Measures

In response to these concerns, a spokesperson for Revolut stated, “Each potential fraud case concerning a Revolut customer is carefully investigated and assessed independently of other cases. Revolut takes fraud and the industry-wide risk of customers being coerced by organised criminals incredibly seriously.”

The company claims to have implemented robust protections for its customers, processing over a billion transactions monthly. Their Financial Crime prevention team comprises more than a third of its global workforce of over 10,000 employees, with a significant portion of data scientists focused on combating financial crime. The firm asserts that in 2024, they prevented over £600 million in potential fraud against customers through sophisticated AI models designed to identify and obstruct potentially fraudulent transactions.

As Revolut continues to face scrutiny over its fraud management practices, customers remain vigilant and assertive in seeking redress, highlighting the ongoing need for improvement in the financial sector’s approach to fraud prevention.