Revolut has a history of being both halfarsed and shady

in 2018 they turned off basic money laundering detection

in 2019 they used job applicants as free labour to get people to sign up.

in 2023 they didn't freeze accounts they were supposed to when asked by the NCA (the uk's equivalent of the FBI, kinda)

again in 2024 they came bottom in the league table for reported fraud(action fraud). They had 10k reports, ahead of barclays, which at the time had a much large amount of active users.

Again in 2024, they also had the highest push payment fraud reports. now, this _could_ be bad controls, user incompetence, or data leak. it could be argued that they were part of the reason for the rule changes, meaning that banks are now 50/50 liable for this kind of fraud.

Either way, they have a history of being shady/incompetent/bastards. They've also only been a fully licensed bank for ~6 months.

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rawland 2 hours ago | parent | next [-]

That's some background. Thanks.

My speculative mental model so far was: They fired the dept which was handling those "emails" and did let some agents handle it. Which backfired and seems to fit that history you presented.

	▲	sam_lowry_ 2 hours ago \| parent [-]
		Revolut is also run by a Russian with deep connections to wartime Russian elites, starting with his dad, who heads the biggest Gazprom R&D center.

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wasfgwp 2 hours ago | parent | prev [-]

> been a fully licensed bank for ~6 months

They had an EU license in Lithuania for years.

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jbs789 an hour ago | parent [-]

Not a bank until 2018

And they clearly figured that was easier than going through the UK where they had previously been licensed

	▲	wasfgwp an hour ago \| parent [-]
		No, they had a standard bank license, no different than any other bank operating in the country. Of course it was only valid in the EU not Britain. https://www.lb.lt/en/news/banking-licence-granted-to-revolut... edit: Comment no longer makes much sense after the one above was edited