Robbers stole £3,900 and used my Revolut account to buy crypto: CRANE ON THE CASE

By Liam On May 2, 2024

In December I was robbed and my phone was stolen during a night out.

About £3,900 was transferred from my savings account to my Revolut account, where I believe it was used to buy cryptocurrency. Some money was also transferred from another account, which was not mine, and that was also used to buy crypto.

I reported all this to the police and to Revolut, but they have refused to refund me and say I ‘authorized’ the transactions.

Bad night out: The evening ended in disaster for our reader when his phone was stolen

It’s impossible to speak to someone at Revolut on the phone and I rarely deal with the same person when I have a ‘live’ conversation via their in-app chat feature.

The senior staff member I emailed three times has still not gotten back to me.

The money taken was my entire savings. I just moved from my parents’ house to my own and without it I’m starting to struggle financially. JG, London

Helen Crane from This is Money replies: I was sorry to hear that thieves took your savings – at such a crucial time in your life.

Tapping phones in busy public places is an increasingly common activity for criminals, but unlike in the past, it is no longer the device itself that they are after.

Instead, they will look over the person’s shoulder until they see them enter their passcode – also known as ‘shoulder surfing’. Armed with that, they can then pick up the phone and work their way into any app that can be accessed with the same code.

A banking app is the top prize, but they can also wreak a lot of financial havoc on other apps that store card data, for example by running up large bills on Amazon or Uber.

Having previously reported theft of money via stolen phones, I would urge anyone who gets into their banking apps with the same set of numbers they use to access their phone to change any of them without delay.

TAP ON THE CASE

In our weekly column, consumer expert Helen Crane of This is Money tackles readers’ concerns and shines a light on companies that are performing both well and poorly.

Do you want her to investigate a problem, or do you want to praise a company for going the extra mile? Contact us:

helen.crane@thisismoney.co.uk

In your case, the thieves were able to use your account to buy cryptocurrency and make some purchases at Argos, for which you were separately refunded.

You contacted Revolut and tried to explain that it wasn’t you who bought the crypto, explaining that your phone had been stolen and giving them the crime number.

But the person you spoke to in the online chat said you probably wouldn’t get a refund because the transactions were “authorized.”

Typically, this refers to entering a code sent to your phone in a text message – something the thieves could have easily done.

You told me that you felt the transactions should have been flagged as suspicious and blocked because you had not purchased cryptocurrency before and they occurred between 2 a.m. and 5 a.m.

This is what happened when the thieves tried to spend more money on your credit card at a major bank, but not at Revolut.

I agree that this should have raised eyebrows, and also find it unacceptable that it is so difficult for Revolut customers to talk to the company over the phone.

It’s not unique among app-based banks, and unfortunately some big banks are also making it harder to reach a real human, with the first port of call being an automated online chat.

In situations like these where time is of the essence, customers don’t want to fiddle with an app to get to a real person through the AI robots, while thieves continue to drain their money.

Goal: Armed with access to JG’s phone and passcode, the thief was able to get into his Revolut app and spend thousands of dollars on cryptocurrency

I have contacted Revolut to ask if they would reconsider refunding you the £3,900.

I am pleased to say that it has now recognized that you are a victim of theft and has agreed to reimburse you, offering a goodwill payment of £150.

A spokeswoman said: ‘We are very sorry to hear about JG’s case, or any case where our customers have been targeted by ruthless and highly sophisticated criminals.

‘We have seen an increase in networks of criminals attempting to steal devices from unsuspecting individuals and we continue to take action to identify and prevent unauthorized access.

‘As with all emerging threats, we urge our customers to exercise caution, remain vigilant against ‘shoulder surfers’ and encourage users to update their passcodes regularly and not use the same password or passcode for multiple applications.

‘Upon further investigation of JG’s case, we have made a full refund of the stolen money, in addition to a goodwill payment in recognition of the distress experienced in this case.’

You told me that you have since decided to close your Revolut account.

How to block thieves from your phone… including a nifty new security trick for iPhone users

Given the rise in phone theft scams, I decided to speak to scam expert Jake Moore, global cybersecurity advisor at ESET.

He said he had noticed an increase in phone thefts over the past year, often at busy sporting events or music festivals.

Once they get their hands on their phones, Moore says thieves often target online banks such as Revolut, Monzo or Starling because, in his opinion, there are “fewer barriers to moving money” and they sometimes lack “the same security that major banks offer’. ‘.

Often, as in this case, they will transfer money from a large bank account to that of an app-based bank.

But many of us – especially young people – like to use these banks because of their user-friendly apps and features such as free spending abroad. How can they avoid falling victim to phone theft scams?

Moore suggests only keeping apps that are absolutely necessary on your phone, and avoiding digital versions of your credit cards if you can help it.

Failing that, he adds, “If you’re ever in a busy place and need to enter your passcode, keep your phone close to you and cover your screen out of sight.”

Even if you use Face ID or Touch ID, Moore points out that once criminals have your passcode, they can change Face ID to their own image.

Moore also suggested that iPhone users should consider signing up for a new feature called protection against stolen devicesthat Apple introduced in March.

This means, among other things, that when the phone is in an unknown location (not the owner’s home or work), the credit cards can only be accessed via Face ID or Touch ID, and the user cannot enter a password. a ‘fall back’ option.

It also sets an hour delay on certain actions, such as changing the phone’s password, so you have time to report the phone as stolen.

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow a commercial relationship to compromise our editorial independence.