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  • Writer's pictureDonnelle Brooks

Is Revolut Safe? A guide to protecting your money

In the ever-evolving landscape of online financial transactions, ensuring the safety and security of your money is paramount. Among the myriad of online payment providers, Revolut stands out, prompting the need to scrutinize its safety features, particularly for users in Australia. But many people have been wondering, is Revolut safe? We look deeper and provide some tips to protecting yourself when transferring money.

Understanding Revolut in Australia

Revolut, a UK-based fintech company, has been providing financial services since 2015, expanding its reach to 200 countries, including Australia in 2019. Catering to both personal and business needs, Revolut offers a range of services, allowing users to save, spend, and receive money.

Revolut's Safety Measures and Regulatory Compliance

While Revolut is not a bank but an electronic financial institution, it offers several safety features to its users. In Australia, it operates under the regulatory umbrella of key oversight bodies, with the Australian Securities and Investments Commission (ASIC) being the primary authority. Holding an Australian Financial Services Licence (AFSL) under ASIC, Revolut is also subject to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, overseen by AUSTRAC.

Ensuring the Safety of Your Money with Revolut

Revolut employs a combination of security features and regulatory guarantees to safeguard users' funds:

Bank Guarantee

Instead of a direct guarantee from Revolut, your money is protected by an authorized Australian bank. In case of Revolut's insolvency, customers can request a return of funds from the dedicated trustee guaranteeing the funds.

In-App Security Features

The Revolut app offers multiple security features, allowing users to freeze cards, access disposable virtual cards, set pin numbers, and establish spending limits.

Fraud Monitoring

Revolut employs a Sherlock anti-fraud system to detect and prevent suspicious activities in real time.

Protection Against Scams and Data Security

Revolut acknowledges the risks associated with phishing attacks and impersonation attempts. To counteract these threats, Revolut has implemented protective features, including fingerprint identification at login, disposable virtual cards, 3D secure verification for real-time purchases, and constant fraud monitoring.

Data Protection Measures

Revolut employs a combination of data privacy policies and technical security systems, such as SSL technology, a secure virtual private network, and encryption technology, to protect users' personal and transaction data. While Revolut emphasizes the importance of these measures, it encourages users to exercise caution when sharing sensitive information online.

Account Security Systems

Revolut embeds protective systems within the app, such as two-factor authentication, pin or biometric account access, transaction verification notifications, and in-app warnings for potential scams. However, users are reminded to exercise their own due diligence in maintaining account security.

Transferring Money with Confidence

To facilitate secure money transfers, Revolut requires users to verify their identity. While there are no explicit limits on most transfers, machine learning algorithms detect unusual transactions, freezing the card if necessary. Purchases made with the Revolut card are protected by Mastercard or Visa, offering an additional layer of security.

Tips for Revolut Account Safety

In addition to technical protections, Revolut recommends users:

  • Keep the app updated.

  • Pay attention to in-app warnings.

  • Never share PINs, passwords, or personal details via email or phone.

  • Use app support for communication.

Contacting Revolut

Users can contact Revolut through the in-app support system. An anonymous chat feature is available for those unable to access their account.

Is Revolut Safe?

In conclusion, while Revolut offers a robust set of safety features in Australia, users are encouraged to stay informed, exercise caution, and take advantage of the protective measures provided to ensure a secure financial experience.

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