Australia bans some card fees; Revolut Leads UK Fraud Reports | Payment source

For comparison: 7,874 at Barclays, 7,395 at Lloyds, 5,467 at HSBC, 4,803 at Monzo and 1,029 at Starling.

Revolut has around 45 million customers worldwide, with the UK being its home country and largest market with around 9 million customers. The BBC report comes as requested by Revolut Victim Compensation Meta Fraud related to the social media giant’s platform. Meta has started collecting information about fraud at UK banks Revolute says Meta’s platforms account for 62% of scams targeting challenger banks worldwide.

In an email, Revolut’s PR department said: “We are sorry to hear of a case in which our customers have been targeted by unscrupulous and sophisticated criminals. Revolut takes fraud and the industry-wide risk of customers being pressured by organized criminals very seriously.”

Revolut claims that in 2023 it reduced the number of fraudulent transactions in the UK by more than 20% and prevented more than $600 million in potential fraud losses globally, while adding more than a million new consumers every month .

Revolut’s financial crime prevention team makes up more than a third of the company’s workforce, and the company has developed artificial intelligence models to detect and block fraudulent transactions using hundreds of internal and external data points, Revolut said in its email and added that it “complies with the regulations.” the same regulatory standards as any major bank.” —John Adams