I can't read the TA article, but Revolut has no way of seeing or concluding if a simcard has been hacked or not, that demands data to which they have no access, so I think it is safe to say that some helpdesk worker just said some bollocks to get rid of a customer. Also it happened this weekend, I'd be very surprised if within 2 working days they would dare to officially come out with conclusions while the investigation in no way already can be finished. Well he says that he had set a limit of 15K, but he does not say if the limit has been raised by an other party, or if he is aware of a changed limit that could easily have been created when adding the card. Settings limits is one thing and nice for if you lose a card, it is however useless when losing the log-in details and all can be changed through the account.
Unless the transactions were so timed that the month limit threshold passed just before transactions 4-6 occurred. In total it was 30k, (15+15) so it's possible...
Next to this article in TA there is also an article saying Swiss banks are lagging behind compared to these other new online banks like Revolut. Thats crazy!
Quote from the article
"Swiss customers are used to a lot from their banks. Rising fees, zero interest rates and fewer and fewer branches with shorter opening hours are the rule. But cheap foreign online banks are about to enter the Swiss market or are already there. It will be uncomfortable for the Swiss institutes.
The German online bank N26 has announced its start in Switzerland for the current year. She oversaw the banking industry with low-cost services and easy-to-use digital solutions. The established banks have lost market share.
The British Revolut is already working on the Swiss market with its payment card, which has recently been able to be charged for Swiss customers for free. But the British have other ambitions than just payment solutions. Since December they have a European banking license. Their app also promises the introduction of accounts and loans."
So it seems to be a case (not fully confirmed yet) where this guy who claims to be a IT security expert lost his money due to handing over his data after receiving this SMS:
I'd like to thank him for giving me a good laughter. Sure it sucks for him but damn how stupid can one be, and especially for somebody claiming to be a security expert simple falling into a basic phishing attempt....
Since about a month ( i think), whenever i spend on any of my revolut cards, i get an app notification on my phone asking to confirm. Did this not happen in this case?
I don't remember tweaking the app to enable this either.
However, i did have some money stolen (in UAE Dirhams !!!) from an earlier card that i then cancelled. Maybe the guys at revolut enabled the 2 factor verification?
Hardly practical to have to do that every time you use the card. Maybe for internet transactions. But faffing about in a shop with a phone app, no thanks.
Paying in a shop requires a pin code to allow the transaction or a signature. Nobody said the 2 way verification is required when you use the physical card.
- Kid swiping physically the second card at a shop in another city (far from phone). Kid called me and asked me to confirm; can be inconvenient, but is safer than sorry
- Me using first card the first time on SBB app while at home (same location as phone)
Normally, when i swipe / contactless wave the card while the phone is also on me i dont get a notification.
I find the system reassuring, and don't mind the 'faffing'.
I don't think it was ever under control really with Revolut. When you bring something out that's fairly innovative, you need more employees, resources and organization and you need that sorted out beforehand, not afterwards when you already have a substantial customer pool.
Waiting times of hours, days, weeks for customer service to get back to you or for an account to be unblocked, is utterly atrocious, bonkers and totally unacceptable. For me Revolut is definitely not a bank.
You have any substantial evidence for that, other than forum comments and a handfull of reviews on the net? Something more tangible like a ratio of successful transactions carried out with Revolut vs nr. of complaints?
As if other banks can't and don't take days or weeks to unblock accounts or chase lost payments or refund mistakes etc etc. No, no, no, that never happens with banks /sarcasm
Personal experience, several press articles, forum comments and plenty (more than a handful) of reviews are all more than enough for me. I had already switched anyway as I found a safer solution.
Nothing has happened to you, but were it to, you'd remember the things you have read. You can't feel like those people unless you have experienced something very similar to what they have.
Dozens to hundreds of problems exposed, lack of support and customers blocked and ignored is a loud enough alarm bell.