Revolut tells millions of customers 'you may be entitled to a refund'

Revolut said it is present taxable to "new UK regulations"

Revolut has told its millions of UK customers "you whitethorn beryllium entitled to a refund" successful a caller update. The planetary fiscal exertion company, which provides banking services astir the world, said earlier this week that it was present taxable to "new UK regulations, greater protections".

Revolut became authorised arsenic a UK slope backmost successful July. At the clip it said: "We're becoming a bank, but for now, thing changes with lawsuit accounts", adding that this was "an important measurement towards launching our slope to customers successful the UK."

In an email update issued connected Monday, Revolut told its millions of UK customers: "From October 7, UK relationship holders tin get refunds for Authorised Push Payment (APP) fraud." The emails past explained that APP fraud is "when criminals instrumentality oregon transportation you to transportation wealth to different account, past bargain your funds."

Revolut relationship holders successful the UK person been told: "UK relationship holders who tin amusement they didn’t enactment fraudulently, oregon with gross negligence, erstwhile making the outgo oregon transportation [on] definite transactions made connected oregon aft 7 October 2024 are eligible. You whitethorn beryllium entitled to a refund of up to £85,000. A £100 excess applies for astir claims."

The caller rules mean each banks indispensable present refund those who autumn unfortunate to scams successful astir cases. Building societies, e-money firms and savings providers indispensable adhere to the caller regulations, too. The Payment Systems Regulator (PSR), the assemblage down the caller rules, says the £85,000 bounds volition screen 99.8% of each APP scam cases, and pb to reimbursement of astir 90% of the full worth of APP scams.

Any Revolut customers who privation to rise a assertion are advised to pat the outgo successful your transactions list, past prime the "get help" option, earlier choosing "report this outgo arsenic fraudulent". You'll past request to implicit and taxable the form, and Revolut volition beryllium successful interaction to process the claim.