Revolut tells millions of customers 'you may be entitled to a refund'

Revolut said it is now subject to "new UK regulations"

Revolut has told its millions of UK customers "you may be entitled to a refund" in a new update. The global financial technology company, which provides banking services around the world, said earlier this week that it was now subject to "new UK regulations, greater protections".

Revolut became authorised as a UK bank back in July. At the time it said: "We're becoming a bank, but for now, nothing changes with customer accounts", adding that this was "an important step towards launching our bank to customers in the UK."

In an email update issued on Monday, Revolut told its millions of UK customers: "From October 7, UK account holders can get refunds for Authorised Push Payment (APP) fraud." The emails then explained that APP fraud is "when criminals trick or persuade you to transfer money to another account, then steal your funds."

Revolut account holders in the UK have been told: "UK account holders who can show they didn’t act fraudulently, or with gross negligence, when making the payment or transfer [on] certain transactions made on or after 7 October 2024 are eligible. You may be entitled to a refund of up to £85,000. A £100 excess applies for most claims."

The new rules mean all banks must now refund those who fall victim to scams in most cases. Building societies, e-money firms and savings providers must adhere to the new regulations, too. The Payment Systems Regulator (PSR), the body behind the new rules, says the £85,000 limit will cover 99.8% of all APP scam cases, and lead to reimbursement of around 90% of the total value of APP scams.

Any Revolut customers who wish to raise a claim are advised to tap the payment in your transactions list, then select the "get help" option, before choosing "report this payment as fraudulent". You'll then need to complete and submit the form, and Revolut will be in touch to process the claim.