Something I've wanted to talk about for a while

The post only refers to “fraud investigations”. No specificity.

With all due respect, Monzo and Revolut were the two with the biggest client base. It was specifically said that they have dealings with “Monzo and Revolut” all the time. No other companies were mentioned.

I think it’s due to the amount of users, as let’s be honest. No others really have such a significant impact

If you really want to know if there were others, I can find out if you like?

As said above. Virtual cards would have had no impact on this area. The fraudster is using Revolut. Not the person affected. The fraudster might have 100 virtual cards for all we know

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Please do.

Also, my issues was more with the “dig” and Monzo+1 comment. I’m all for praising one over the other on features etc, but just be honest about it. You say it isn’t a dig but I just don’t think that rings true, especially when your post is purely anecdotal with no hard evidence to back your claim.

To be fair. You are right. I will edit my original post. (about +1 to Monzo)

However, evidence? Apparently monzo no longer come up in fraud claims. Revolut still does

**edit done **

Edit: I’ve also asked about companies that are mentioned as much as Monzo was, and Revolut still is. I will let you know when I get an answer.

This post seriously wasn’t a dig at all. (I love Revolut.)

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Monzo is now a current account and insists on ID verification, where as Revolut is still a prepaid card and presumably allows you to sign up without providing ID (albeit with lower limits, but still enough for the fraudsters apparently).

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You nailed it - I have a Revolut account, and was not asked to provide ID, nor can I see any search from them on any of my credit files with the 3 main CRAs. Not having to provide any ID does make it easier to commit fraud using these accounts

(*) This not to criticise them in any way - it seems to be the case with prepaid providers in general. I don’t know how Monzo dealt with sign-ups during the prepaid days, so I’m simply referring to my experience with Revolut to bring my point across.

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Incorrect. This may have been the case in the past, but my brother who I have referred in the past month must provide ID now (which he is in the process of getting) in order to verify. He cannot even activate his Revolut card until he registers Photo ID and his limit is £200 (essentially useless).

Some users may now only need to verify to raise their limit, but it appears the days are gone where one could essentially verify in the U.K. for the prepaid card purely by topping up with a big legacy bank card.
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No, I agree with this. When I signed up to Revolut, I had to provide my identity.

It seems to me though, the problem wasn’t verifying people’s identity. It’s allowing top ups to peoples accounts from a card in somebody else’s name

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5 posts were merged into an existing topic: Removed Posts 29/04/18

‘Any card top ups or bank transfers you send into your Revolut account before verifying your identity will be made at your own risk.’

That indicates that you can, under some circumstances, still put money on it before/without verification.

Or does it just mean bank transfers? - Which Revolut can’t control and are less likely to be fraudulent?

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Which makes perfect sense as to why it would be used alot for fraud. With the money being available instantly even though the transaction hasn’t processed!

Topping up is possible but given the limit is minimal and the fact that you can’t use the features of the app - like activating the card for use, making payments or transfers - then you’re just trapping any funds you load up with until verification is confirmed.

So there is no incentive to topping up an unverified account.

I’m afraid given some of the topics being discussed I’m going to have to close this thread :frowning:

You can find our position on AML/KYC here however discussing ways to circumvent KYC is not appropriate and I have removed those posts.

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Seems odd to remove posts where community users are discussing the dangers of trying to fake ID? It’s good, sensible advice.

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