Revolut is set to enhance its fraud prevention measures, potentially delaying payments to safeguard users.
- The fintech firm will update terms allowing for transaction suspensions on suspected fraud.
- Changes come as Revolut secures a UK banking license, reinforcing its security protocols.
- Customers will encounter stricter scrutiny on both incoming and outgoing transactions.
- New terms will be effective from January 21, 2025, emphasizing fraud detection.
Revolut is taking a firm stance against fraudulent activities by updating its fraud prevention policies, potentially delaying or refusing payments when scams are suspected. The company, now officially recognized with a UK banking license, aims to protect users by scrutinizing transactions more closely.
The fintech giant’s updated terms of service will explicitly allow the suspension of transactions deemed suspicious. This proactive measure aligns with its broader efforts to guard against financial scams and maintain customer security.
In light of its new banking license, Revolut is emphasizing the importance of fraud detection. The updated terms and conditions, which come into effect early next year, illustrate a significant focus on identifying and intervening in suspected fraudulent activities.
An internal communication highlighted that words such as ‘fraud’ and ‘scam’ are now prominently featured in the terms of service, appearing 16 times — a noticeable increase from the previous version. The changes are designed to provide clear grounds for action against suspected fraudulent schemes, protecting customers while complying with regulatory expectations.
A spokesperson reaffirmed Revolut’s commitment, stating, “Revolut works hard and invests heavily to protect our customers as best we can through our fraud prevention technologies, analyzing over half a billion transactions a month. We, alongside many other payments firms, deploy various interventions aimed solely at disrupting the activities of scammers and fraudsters.”
Revolut’s revised policies are a robust effort to enhance security and protect users from potential fraud.
