Revolut has said it may refuse or delay certain payments in the latest sign of the London fintech’s crackdown on fraud.
The Canary Wharf-based business has made changes to its terms of service, due to be implemented in the new year, which specify that suspected cases of scams and fraud are now sufficient conditions for preventing both outbound and inbound payments to current accounts.
Revolut account holders were informed of the change in a email update send to them earlier this month. The words ‘fraud’ and ‘scam’ are now used 16 times in Revolut’s new terms of service agreement, which comes into effect on 21 January 2025, a jump of a third compared to the current terms of service.
A Revolut spokesperson told UKTN: “Revolut works hard and invests heavily to protect our customers as best we can through our fraud prevention technologies, analysing over half a billion transactions a month. We, alongside many other payments firms, deploy a number of different interventions that are solely designed to “break the spell” of scammers and fraudsters.”...