Crypto and Revolut Bank Fraud

Bobdoodlebug

Hello everyone. 

I was wondering g if anyone else has had the same or similar problem and could help me. 

I bought £30 of Crypto from my Revolut account just as a little gamble on some investment which I like never do! 

I went to freeze my account a few years ago and cash in what money I had including crypto and it wasn’t a lot! It appeared I was at a loss by £10 and I was like ok these things happen. Until I had a conversation yesterday with someone who is well adversed in it and other trading aspects and told me that my investment would be worth a lot if I bought in the year I bought and I became sceptical as I only drew out £20 a few years prior. 

So I had a look through my transactions over the years and noticed and have subsequently had them admit that they used my BTC years ago to cover a declined payment!

This was the one and only time in 7 years of having the account that this ever happened a real anomaly and so I thought I’d been hacked. 

Normally I would just be declined and I’d have to transfer money over from my current bank account t and then make the payment again.

im deeply upset as what bank would just take your investment and use it for a one off £25 payment to my massage therapist that I had made multiple payments using my card before and had similar situation of insufficient funds so quickly topped up and then paid. 

This is clearly why I only took out £20 of my BTC when I closed it down as I was not aware they had done this.

i opened a chat and the AI bot could see the mistake and agreed it was outside my normal habits and no other transactions with declined payments or insufficient funds were ever treated in this way either before it after this incident and agreed it was strange. I had one lady come in the chat to customer services telling me it’s outside 120 day card dispute and I told her it’s not a standard like for like card despite this is either hacking or your mistake and it’s not like taking just £25 you’ve taken more because of the nature of how crypto works.

so I had a chat with them for the entire day basically telling them how I trusted them they are a reputable bank etc and no one would just take someone’s investment to pay for a random payment. 

I feel this can just be brushed away with a 120 policy load of wish wash… this is serious mistake and has cost me ALOT of money looking at what it would be worth now on a crypto calculator.

had anyone experienced this or have knowledge or have ideas of how I can get what I’m owed back or help me please? This was my rainy day little investment and they’ve admitted doing it, I’m awaiting complaint reply. 

Thankyou so much 🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼🙏🏼

Woodstok2000

Revolut terms and conditions do allow them to use crypto balance to cover payments if you don't have sufficient funds, in specific circumstances.  Did you have your account set up to allow payments from crypto accounts directly?

If you bought £30 bitcoin  in 2018 and went to sell it in 2023 you'd have made between £60-300 profit, is your loss on that range? Annoying but not life changing, hopefully they will refund you at least some of that if they have made an error.

flaneurs_lobster

You really need to be careful using terms like "fraud" (a criminal offence) when referring to a disputed transaction at a financial institution.

a) because it might not be true and you've just libelled them

b) using hyperbolic language makes it seem that you are exaggerating for effect and people won't take you seriously.

If the crypto funds had not been used to cover the spend shortfall, how much would you now be holding and what would it be worth?

mta999

as above - work out what crypto would have been worth now, quantify your losses and make a complaint.

la531983

mta999 said:

as above - work out what crypto would have been worth now, quantify your losses and make a complaint.

On the face of it Im not really sure why that is relevant.

He could have bought the £30 and then had the £25 debited quite quickly thereafter, as per their Terms and Conditions. So he then only had a fiver BTC which then quadrupled in value.

If anything this is a lesson to keep an eye on your accounts a bit better.

Woodstok2000

la531983 said:

mta999 said:

as above - work out what crypto would have been worth now, quantify your losses and make a complaint.

On the face of it Im not really sure why that is relevant.

He could have bought the £30 and then had the £25 debited quite quickly thereafter, as per their Terms and Conditions. So he then only had a fiver BTC which then quadrupled in value.

If anything this is a lesson to keep an eye on your accounts a bit better.

If Revolut have made an error, they need to make it right and so his full losses would be a useful benchmark to calculate a maximum possible claim.

la531983

Woodstok2000 said:

la531983 said:

mta999 said:

as above - work out what crypto would have been worth now, quantify your losses and make a complaint.

On the face of it Im not really sure why that is relevant.

He could have bought the £30 and then had the £25 debited quite quickly thereafter, as per their Terms and Conditions. So he then only had a fiver BTC which then quadrupled in value.

If anything this is a lesson to keep an eye on your accounts a bit better.

If Revolut have made an error, they need to make it right and so his full losses would be a useful benchmark to calculate a maximum possible claim.

But we dont know they have made an error, do we?

Like I said they could have deducted 25 quid in BTC when his balance was only 30. Not enough info to go off here.

Woodstok2000

la531983 said:

Woodstok2000 said:

la531983 said:

mta999 said:

as above - work out what crypto would have been worth now, quantify your losses and make a complaint.

On the face of it Im not really sure why that is relevant.

He could have bought the £30 and then had the £25 debited quite quickly thereafter, as per their Terms and Conditions. So he then only had a fiver BTC which then quadrupled in value.

If anything this is a lesson to keep an eye on your accounts a bit better.

If Revolut have made an error, they need to make it right and so his full losses would be a useful benchmark to calculate a maximum possible claim.

But we dont know they have made an error, do we?

Like I said they could have deducted 25 quid in BTC when his balance was only 30. Not enough info to go off here.

Im not sure why youre saying 'could have' when the OP confirms that in their first post.  Revolut have taken £25 in bitcoin from their account to pay for a transaction which would have been declined otherwise.

As I noted above, Revolut are allowed to do this in certain circumstances, so OP needs to find out if thats the case here, or if they've made an error.

If they've made an error they'll need to remedy that, which would involve crediting the account with the same amount of bitcoin today that they would have had back when it was removed. That's why its helpful to know what they believe their losses are.

la531983

Woodstok2000 said:

la531983 said:

Woodstok2000 said:

la531983 said:

mta999 said:

as above - work out what crypto would have been worth now, quantify your losses and make a complaint.

On the face of it Im not really sure why that is relevant.

He could have bought the £30 and then had the £25 debited quite quickly thereafter, as per their Terms and Conditions. So he then only had a fiver BTC which then quadrupled in value.

If anything this is a lesson to keep an eye on your accounts a bit better.

If Revolut have made an error, they need to make it right and so his full losses would be a useful benchmark to calculate a maximum possible claim.

But we dont know they have made an error, do we?

Like I said they could have deducted 25 quid in BTC when his balance was only 30. Not enough info to go off here.

Im not sure why youre saying 'could have' when the OP confirms that in their first post.  Revolut have taken £25 in bitcoin from their account to pay for a transaction which would have been declined otherwise.

As I noted above, Revolut are allowed to do this in certain circumstances, so OP needs to find out if thats the case here, or if they've made an error.

If they've made an error they'll need to remedy that, which would involve crediting the account with the same amount of bitcoin today that they would have had back when it was removed. That's why its helpful to know what they believe their losses are.

My bold - exactly. They could have acted perfectly reasonably.

And all this goes to show you need to monitor your accounts properly and not leave them for years.

Ergates

"im deeply upset as what bank would just take your investment and use it for a one off £25 payment to my massage therapist "

You're upset that you didn't check there were sufficient funds in your main account before making the payment?

Or you're upset that you didn't read the T&Cs properly so you didn't know they could take funds from your investment account to make up the shortfall?