Revolut card fraud - help!

reclusive46

You'll win the chargeback anyway as their has been a magstripe liability shift in all of the world now (last one was the US on October 1st). "Counterfeit card fraud - Merchant liability) is the mastercard category, I believe.

eDicky

Ferrety wrote: »

Is this just bad luck or are chargecards more prone to fraud than other cards? Really like my Revolut but would be reluctant to use charge cards again if they're more open to fraud.

Probably bad luck and/or lack of precaution when using the card overseas. Do you have any ideas how and where it could have happened?

Do you mean that you could see continued attempted use of the card, after you had blocked it on the app?

Anthorn

Ferrety wrote: »

Is this just bad luck or are chargecards more prone to fraud than other cards? Really like my Revolut but would be reluctant to use charge cards again if they're more open to fraud.

We have to look at it like it is and tell it like it is: Revolut is a new business startup in the new "Fintech" (Financial Technology) sector which is funded by venture capital. That means it's a risky investment which has potential high rewards but no guarantees.

The card and the service is brand new and therefore is unproven. I have one and supporting it with regular weekly loads of GBP but only a small amount that I can afford to lose.

Quite frankly I think that anyone who puts a large amount of funds on their Revolut card and depends on Revolut solely is bonkers. That's not to say that there is anything wrong with Revolut, it's that we just don't know yet.

Revolut_Official

Hi Ferrety,

We're really sorry that you have had this experience, our support team are raising a chargeback for you.

A chargeback occurs when the cardholder disputes a transaction on their account. The card issuer will raise a chargeback to try and get the money back from the merchant. In the UK for prepaid debit cards if the chargeback is disputed by the merchant then the customer is liable for any transactions until they report the card as lost or stolen.

With Revolut you can block the card in the app but you should still contact us as soon as possible as you have done. We will always strive to win chargebacks on behalf of our customers.

Thanks

Revolut Official

Stretlow

Ferrety wrote: »

Ah thanks - I was trying to contact through the app and could only block it and use live chat on that.

Found the number through the website itself and they can try to do a chargeback - apparently you're not covered for anything on a prepay card so I'm liable for all fraudulent use. Luckily I don't leave cash on it (didn't actually realise it had 4 quid left on until I got the transaction alerts).

Is this just bad luck or are chargecards more prone to fraud than other cards? Really like my Revolut but would be reluctant to use charge cards again if they're more open to fraud.

This is 100% wrong and if that's the information they are giving customers then the FCA would be very interested in this.

From someone who has worked in the fraud industry for 13 years, unless you have been negligent with the security of your card and/or pin you are liable for absolutely nothing, your card being cloned is not classed as being negligent.

They need to be very careful what they're telling customers in regards to fraud.

Stretlow

reclusive46 wrote: »

You'll win the chargeback anyway as their has been a magstripe liability shift in all of the world now (last one was the US on October 1st). "Counterfeit card fraud - Merchant liability) is the mastercard category, I believe.

Not sure this is true, we have a chargeback expert at our place so i'll check but the last i heard the Americas still had no liability shift. The issuer is liable for counterfeit losses where there is no liability shift.

Chargebacks in general can be a very tricky subject. Many institutions don't advertise to customers the power they have over merchants. While chargebacks are mostly used for fraud, there are loads of reason codes available to retrieve funds from merchants, for example counterfeit goods.

System

It's correct - the US was the last major non-chip and pin market.

Stretlow wrote: »

Not sure this is true, we have a chargeback expert at our place so i'll check but the last i heard the Americas still had no liability shift. The issuer is liable for counterfeit losses where there is no liability shift.

Chargebacks in general can be a very tricky subject. Many institutions don't advertise to customers the power they have over merchants. While chargebacks are mostly used for fraud, there are loads of reason codes available to retrieve funds from merchants, for example counterfeit goods.

Anthorn

Heng_Leng wrote: »

It's correct - the US was the last major non-chip and pin market.

You obviously haven't been to a Greek Isle recently.

But let's consider it like it is: The OP has a problem of a brand new card in a brand new service being cloned almost as soon as he got it. What that tells me is that Revolut is about as far from secure as it gets.

grumbler

Anthorn wrote: »

...The OP has a problem of a brand new card....

How do you know that it's "brand new"?
This card is around for about half a year, and people get it for using abroad mainly where non-chip transactions are more common and cloning typically happens.

reclusive46

Anthorn wrote: »

You obviously haven't been to a Greek Isle recently.

But let's consider it like it is: The OP has a problem of a brand new card in a brand new service being cloned almost as soon as he got it. What that tells me is that Revolut is about as far from secure as it gets.

While some places might not have chip and pin, they are all now liable for fraud if they don't. Issuers are no longer liable for magstripe fraud worldwide (apart from China potentially).