Revolut has once again recorded the highest number of fraud and scam complaints escalated to the Financial Ombudsman Service (FOS).
Data obtained exclusively by Which? shows that fraud complaints from customers of the e-money provider continue to surpass those from all banks, as was the case in 2023. The consumer champion submitted a Freedom of Information request to the FOS, seeking information on the top ten firms named in APP fraud and scam complaints for 2024 and 2025 to date.
In the 2024 calendar year, Revolut customers logged a staggering 3,242 APP fraud complaints with the FOS, outpacing Monzo (2,344 complaints) and Barclays (1,704). The data for 2025 so far reflects a similar trend, though Monzo and Barclays have switched positions.
Monzo has the highest percentage of APP fraud complaints where the FOS ruled in favor of the customer, indicating that its users were most likely to have been wrongly denied reimbursement. In 2024, the FOS received an additional 2,631 fraud and scam complaints (not related to APP fraud) from Revolut customers, with Monzo (1,810 complaints) and Barclays (1,461) following.
This pattern is expected to continue in 2025, based on data for the first eight months of the year. Revolut also has the highest uphold reimbursement rate at 37% for non-APP scams and fraud.
Concerns about how fraud is managed at Revolut persist. Which? issued a warning in March 2024 regarding a sophisticated attack on business customers, raising alarms about rejected reimbursement requests. Two fraud victims had to escalate their complaints to the FOS and endured waits of over a year before being reimbursed by Revolut. One of these victims lost £165,000 and was near bankruptcy—a case highlighted in a BBC Panorama investigation revealing Revolut was involved in nearly 10,000 complaints to Action Fraud in 2023.
This figure surpassed any other major UK bank, including Barclays, which received 7,874 fraud reports, Lloyds Bank (7,395), and HSBC (5,467).
Revolut also struggles according to Payment Systems Regulator (PSR) data, which reveals that for every £1 million received in consumer accounts at Revolut, £756 was linked to APP scams in 2023. This data indicates which firms are least effective at preventing criminal activities through their accounts. While Revolut’s figures were not as high as those of smaller payment providers like Skrill, they were significantly greater than traditional banks and digital competitors like Monzo and Starling.
In response to these findings, Revolut stated: “Each potential fraud case concerning a Revolut customer is carefully investigated and assessed independently of other cases. We take fraud and the industry-wide risk of customers being coerced by organized criminals extremely seriously.
We have robust protections for our millions of customers and analyze over a billion transactions per month. Our Financial Crime prevention team comprises more than a third of our total global workforce of over 10,000 employees, with half of our data scientists focused on Financial Crime-related topics or products. Our sophisticated AI models can detect and block potentially fraudulent transactions using hundreds of internal and external data points. In 2024, we prevented over £600 million in potential fraud against our customers.”