Revolut tells all UK customers 'you may be entitled to a refund'

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

Revolut has issued an important update to its UK customers, announcing "you may be entitled to a refund", under new rules. The global fintech firm, which offers banking services internationally, confirmed it is now under "new UK regulations, greater protections".

Having gained authorisation as a UK bank in July, Revolut said at the time: "We're becoming a bank, but for now, nothing changes with customer accounts", noting it 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 regulations require all banks, building societies, e-money firms, and savings providers to reimburse victims of scams in most cases. According to the Payment Systems Regulator (PSR), the £85,000 limit will cover 99.8% of all APP scam cases and result in the reimbursement of around 90% of the total value of APP scams.

If you're a Revolut customer and want to raise a claim, tap the payment in your transactions list, select "get help", and then choose "report this payment as fraudulent". Complete and submit the form, and Revolut will contact you to process the claim.