27/07/2022
Scammers use Revolut banking App to scam customers out of savings.
Reports of account takeover scams and payment fraud rise as scammers use Revolut to defraud unsuspecting consumers. The popular online banking App is used by fraudsters to trick customers into transferring funds across to scam accounts using ‘spoof’ phone numbers or text messages that look like they’re coming from Revolut – when they’re not.
The two-step Revolut banking scam:
Fraudsters begin the scam by sending a message purportedly from the customers bank warning of a suspicious transaction or other required action, followed by a message from the Revolut app.
Step-two involves the scammers using number spoofing software to make it appear as they’re phoning from Revolut’s customer support or anti-fraud department.
Consumers are encouraged to urgently move savings from their bank to Revolut and then upgrade to a supposedly more secure Revolut account. The more secure account however belongs to the scammers.
Scam Revolut SMS messages:
The most concerning element about the scam is the fraudsters’ ability to credibly present themselves as Revolut by communicating in the same SMS thread that Revolut has sent previously. There is no way to recognise that the SMS is potentially fraudulent.
It’s important for consumers to understand that no legitimate business or organisation (including Revolut) will ever ask you to transfer money to a different provider.
Authorised Push Payment Fraud:
Scams involving victims being tricked into unwittingly transferring money to fraudsters are known as authorised push-payment, or APP, frauds. From January to June 2021, £355.3million was lost to APP fraud, up 71% on the previous year.
Approximately half of all funds lost to APP fraud are never reimbursed.
Legitimate Revolut communications:
The banking app has stressed that on a call, Revolut employees will never say any of the following:
(1) Tell you that your money is in danger or ask you to move money to a “safe account”
(2) Give you account details or pressure you to move money to a different account
(3) Ask you for your passcodes, passwords, PIN, card details or sensitive personal information
Importantly, legitimate Revolut emails or text messages will never include a link to a website or ask you to provide sensitive information such as a password or PIN.
Hackers impersonating revolut:
Cybercriminals are actively targeting Revolut customers trying to gain access to their accounts via SMS text messages that link to fake landing pages.
The scamming mechanising is relatively simple:
Users get a text message, allegedly from Revolt, prompting them to click a link to confirm their account, confirm their ID, acknowledge a new login or validate a replacement card.
Clicking the link lands the user on a phishing page made to look authentic and they are prompted for personal information like their email credentials, full name, phone number and Revolut access details.
Having stolen the victim’s email and Revolut credentials, criminals generate a golden link and activate the service on their own mobile device, gaining unlimited access to all the money in the account.
Watch out for the Revolut remote access scam:
A separate scam involves fraudulent SMS messages asking users to validate their Revolut account details. Confident they’re talking to a legitimate Revolut account advisor they’re asked to download a remote access tool, for example “TeamViewer QuickSupport” or “AnyDesk”. These tools give scammers direct access to all functions on the users device, such as mobile phone which allows them to access and ultimately withdraw funds from bank accounts.
Revolut suggest that because mirroring applications like AnyDesk work when the device is actually doing and showing everything that the person on the other side is doing, customers should notice what’s happening in their Revolut app. As such the onus should be on the customer for not taking appropriate action or security precautions. The responsibility therefore lies with the customer – not Revolut.
Do not therefore engage with anyone asking you to install a remote access application whilst discussing your Revolut account.
Revolut will most certainly never ask you to do this.
Have you lost money to a Revolute banking scam?
If you have lost money to a scam that has used the Revolut banking App please contact our fraud department at https://www.fraudtalk.co.uk/report-fraud/
