It looks like Revolut is in the news for all the wrong reasons.

When I read stories like this one in last week’s Irish Independent, it makes me thankful that the ‘legacy’ (aka real bricks-and-mortar) banks in Ireland have online access that frequently doesn’t even work for genuine customers during normal business hours!

Why should Revolut customers be concerned about these media reports?

  • There is a growing perception* that there are weaknesses somewhere in the security layers of the Revolut service.
  • There is a growing perception* that Revolut is not providing effective support to its customers when they need it most.

(* Whether the perception is accurate, it doesn’t matter. Perception is reality when it comes to customer confidence and trust. And banks are built on trust.)

What should you do if you are a Revolut customer?

Reduce the likelihood of being a victim by:

  • Ensuring your phone’s iOS / Android software and the Revolut app are up-to-date.
  • Being mindful of where your Revolut banking details and card details are being shared / stored.
  • If you use an iPhone: Enabling Stolen Device Protection, to make it more difficult for a thief to change your facial recognition / fingerprint settings (Contact me and I’ll send you the MySecurityGuide video lesson that shows you how to do this).
  • If you use an Android phone: Praying that this isn’t caused by that platform’s underlying security ‘features’.

Reduce the impact by:

  • Reducing the amount of money that you leave in your Revolut account. If they are unable to demonstrate that they care about you and your money, why should you reward them with your cash?
  • Moving most of that money into a separate Revolut ‘pocket’ until you need it, and enabling the new ‘wealth protection’ functionality that Revolut is currently rolling out. It sounds like it will add additional protection to make it more difficult for scammers to get at your savings (‘pockets’), shares, and crypto.