Revolut, which received a provisional UK banking licence in July, was at the center of nearly 10,000 complaints to Action Fraud, the UK's leading fraud and cybercrime reporter, according to BBC Panorama.

Despite having fewer customers in the UK than Barclays, Revolut topped the complaint list, with Barclays receiving almost 8,000 reports. Other digital banks like Monzo and Starling were also named, with nearly 5,000 and just over 1,000 complaints, respectively. One Revolut customer reported losing £165,000 from his business account to fraudsters in minutes. He struggled to get timely support, waiting 23 minutes to freeze the account via an app chat function, during which time an additional £67,000 was stolen. The customer has taken the case to the Banking Ombudsman after Revolut refused to reimburse the losses.

Inna Lyubashevskaya, chief customer officer at KYC firm Sumsub, criticized Revolut for cutting corners in its rapid growth, highlighting the need for stronger fraud prevention, including better user verification and transaction monitoring. She also pointed out that the slow customer service response contributed to further losses. Consumer group Which? echoed concerns, advising against holding large sums of money with Revolut, citing the company’s poor track record of reimbursing fraud victims. Revolut, however, defended its anti-fraud measures, stating that it takes fraud seriously and operates with robust controls to meet regulatory standards.