How Safe Is Revolut? Everything You Need to Know

The Federal Trade Commission recently released data showing that consumers lost more than $12.5 billion to fraud in 2024, which is a 25% increase from the previous year. Unsurprisingly, a large part of these crimes happens online and involves digital currency. If you’re a Revolute user, you have all the reasons to be concerned. So, is Revolut safe to transfer money? Does this company take adequate measures to protect customer data and funds? Keep reading the article to figure it out!

Is Revolut Safe to Use?

Numbers-wise, the service is extensively popular, with over 60 million users in 160 countries. Additionally, it has more than 500,000 business customers worldwide. All these people and enterprises seem to trust Revolut, which suggests that it is generally safe to use.

Before you ask, “How safe is Revolut bank?” you should know that it’s not a bank but a fintech company. However, it works with licensed US banks to provide financial services. In the US, Revolut’s prepaid Visa and Mastercard plastics are issued by Lead Bank (Member FDIC), meaning the money you keep on these cards is held and secured by an FDIC‑insured bank.

A Revolute account is very similar to a traditional bank account, except for lower fees and no physical office. As a tech company, the service also constantly develops new methods to protect users and their data.

How Revolut Protects Customers' Money

If you wonder, “Is Revolut safe for large amounts?”, the answer is yes. The funds are insured by the FDIC up to the legal maximum of $250,000 USD. The service also employs all the traditional security features to protect customers' funds. You can expect account verification, two-factor authentication, and more.

Account verification

Like any other financial service, Revolut will ask you to verify your identity when logging in or if the system detects any kind of suspicious activity on your account. The app uses 2FA for sensitive transactions and allows you to log in with fingerprint or facial recognition, which makes it way harder to access your account if your device is stolen.

If the automated system flags an issue like a blurry document, an expiring document, a name mismatch, or a document from a country requiring an additional check, the verification is manually reviewed by a human agent. Revolut states it will review submitted verification documents within about 15 business days. If you fail to complete the verification on time, the service may limit access to some features or even freeze the account.

Real-time notifications

Revolut sends in-app notifications every time you use your account. These notifications add an extra layer of protection, enabling you to identify suspicious activity more quickly. If you suspect someone has access to your account, you can freeze your card in the app and then unfreeze it once the risk is gone.

Customizable limits

Transaction limits are a standard security feature utilized by most bank cards. Revolut automatically sets a certain limit for daily spending and ATM withdrawals, but you can adjust it yourself in the application.

Similarly, you can control the spending limits of your business accounts. These limits can be configured per card or per time frame to control how much each user can spend.

Card management

You can manage your physical and virtual cards through the Revolute app. Notable security features include freezing a card right away if it's lost or stolen, replacing the card, or turning off certain transaction types, like ATM withdrawals or online purchases. To make online shopping even more secure, you can use a disposable virtual card that deletes your details after each purchase.

Parental controls

Is Revolut safe to send money if used by kids? While parental discretion is always advised, the service offers a "Kids & Teens" account that lets parents or legal guardians manage a sub-account for kids under 18. Parents can set spending limits on their child's card, freeze or unfreeze the card, control which merchant types the child can use the card with, and monitor their transactions.

How Revolut Protects Personal Data

To open a Revolute account, you need to provide your name, email address, phone number, proof of identity with a selfie, date of birth, and your card information. Revolut stores this information for a minimum of six years and may retain it even after you close your account. To prevent it from falling into the wrong hands, the service employs several security measures.

Data Encryption

Revolut encrypts your personal information, which means it's stored in a scrambled format that won’t make sense without an encryption key.

Regulatory Compliance

The service follows strict regulatory protection laws like the European GDPR, which establishes clear guidelines on how companies collect, store, and use personal information.

Limited Staff Access

Access to customer data is restricted to authorized Revolut employees, and only in cases where it's necessary to provide a service or solve a problem.

No Random Data Sharing

Your personal details won’t be sold to random third parties. Data is only shared with trusted partners for specific purposes, such as processing payments, and is always handled with utmost care.

Can You Get Scammed on Revolut?

People often ask, “Is Revolut safe for savings?” Sadly, any financial service can be subject to fraud, and Revolut is no exception. Criminals are always looking for new ways to trick people into sending money, stealing login details, or misusing stolen cards.

Since Revolut is an e-money institution, scammers see it as an easy and quick way to move money. So, be careful and use the same precautions as with a traditional bank account: send money only to people you know, don’t share your password or account information, and regularly check your balance and recent transactions.

What are the common scams on Revolut?

• Advance fee fraud: The classic “pay some money and receive a larger payoff later” scam.
• Charity frauds: A request to donate to a fraudulent organization.
• Investment fraud: Scammers often try to deceive people into making payments to non-existent investment funds.
• Phishing: Fake emails, texts, or calls pretending to be from Revolut and asking for your login or card details.

How Revolut Mitigates Fraud

The service claims its precautionary methods prevented its customers from losing £632 million to scams in 2024. Revolut relies on these tools:

• Monitoring payments in real time to identify unusual activity.
• AI "scam detection" that will warn you if a payment seems risky.
• Instant alerts following each transaction, allowing you to quickly react to unauthorized access.
• Identity verification to ensure that only real users have access to accounts.
• 24/7 support to help you if you suspect a scam.

Conclusion

So, is Revolut safe? Generally speaking, yes. The service utilizes bank-level security to safeguard your personal data and prevent fraud. But like with any other financial service, the biggest risk lies not in some technical failure, but in unwittingly giving your money away. Stay vigilant and use Revolute’s safety tools, and you’ll likely be okay.