There are so many financial scams available for fraudsters to utilise due to advancements in technology in today’s digital world. Criminals stole £1.17 billion through financial fraud in 2023, making it a real issue for both individuals and businesses. This has led to a higher focus on keeping financial information safe from these types of scams.
Revolut scams have become a popular platform for fraudsters to carry out their illegal activity and steal users’ private information. This is because of the simplicity of moving money in and out of Revolut when compared to a traditional bank. Whether you use Revolut or not, you should be aware and understand the potential scams.
With that being said, let’s explore the potential Revolut scams that have been affecting businesses and how these scams can be spotted before they cause exponential damage.
Types of Revolut Scams and How to Spot Them
It’s important to take a look at the specific Revolut scams to further understand how you can spot them, as stopping financial crime requires a collective push. Let’s take a look at some of the most popular Revolut scams that your business needs to be aware of:
Investment Scams
Fraudsters will usually pose as another business and typically target startups with less experience and promise them many benefits upon investing in their opportunities or platform. These newer companies will subsequently lose out on the assets by sending money to the scammer. Revolut is a quick and simple way for fraudsters to obtain money with less consequences, therefore these transactions are possible using it.
Here are some things that you can do to avoid Revolut investment scams:
- Professional Advice: Talk to someone who can offer you experienced advice on how to spot and avoid these scams.
- Background Research: You should research the background and history of the owner and team behind the scam company.
- Check the Website: If there are any glaring errors on site, inconsistencies or unclear contact information, it is a sign that it is not legitimate.
- Unachievable Results: If it sounds too good to be true, it likely is. You should only invest in other companies that are realistic with expectations.
- High-Pressure Sales: Make sure that you are cautious if someone is attempting to pressure you into investing.
Phishing Scams
Phishing attacks via email can happen to any business no matter the size and can pose a serious risk to private information and assets. This is why 90% of cyberattacks start with an email. Scammers have recently been incorporating Revolut into these phishing emails for an easier and quicker way of receiving assets and cash.
There are many negative effects of falling victim to a Revolut phishing scam including financial losses, reputation damage, customer decrease, operation disruption and value loss. Restoring operations as quickly as possible after a Revolut scam should be a priority, so it’s vital to have the right cyber security plan in place to protect your business’s digital life. This offers you the best chance of receiving Revolut scam refunds.
Marketplace Scam
If your business has a marketplace, you need to ensure that you avoid marketplace scams. There has been a rise in scammers purchasing items on various marketplaces by pretending to be interested buyers and engaging businesses through messages. These fraudsters are very smart about how they conduct these actions, as they can provide fake payment links that lead to businesses inputting valuable information that scammers can steal.
This grants scammers unauthorised access to the business’s private information that can allow them to get into accounts like Revolut. Always stay vigilant to protect your business and its details, as well as understand the risks involved with marketplaces to keep your online transactions secure.
Here’s how you can avoid these marketplace scams:
- Ensure that the purchaser is trustworthy by looking at their past transactions on the marketplace.
- Never enter private business information into an unknown website that has been sent from an unknown source.
- Use your IBAN or account number and sort code combination for a more secure method of receiving payments.
- Customise your business card’s security setting to match transaction needs.
Pending Package Scams
Fraudsters can send fake SMS messages, posing as couriers, and requesting additional payments from businesses for extra delivery charges. Inexperienced businesses could believe this trick and click a link to make the payment to this fake courier.
Companies can grant scammers access to their information by entering their card details, leading to unauthorised transactions of much higher amounts than initially communicated. When you’re online shopping, businesses should make sure to stay scam-aware and keep vigilant if they receive a message from a courier.
You can avoid pending package scams by:
- Double-checking the sender’s information.
- Search the phone number online to see if it’s linked to your courier or an imposter.
- Search the email to see if it is present on a courier website.
- Never enter bank information into untrusted sources.
Charity Scams
Businesses often donate to charity as a gesture of goodwill or to give back to the local community that has brought them success. However, companies should be wary of donating to charity, especially if it’s through Revolut. Scammers can trick businesses through emails, messages and calls by posing as a charity and requesting donations for a noble cause. They will then get victims to enter bank details or private information in an attempt to steal assets or money.
Here are some tips to avoid charity scams:
- Only donate to online fundraising pages from people or organisations you know and trust.
- Don’t respond to unsolicited emails, texts, or calls that ask for personal or financial information.
- Track the charity’s social media accounts and website to spot any abnormalities.
- Don’t click on links or attachments in suspicious emails.
- Avoid requests to donate through money transfer companies like Revolut.
Conclusion
Financial scams are a serious threat to organisations since they have grown more prevalent. Revolut’s ease of use and the difficulties of recovering funds once lost have made it a target for scammers. It’s important to understand the different Revolut frauds and put strong security measures in place if you want to protect the financial data of your company.
You should prioritise the security of your Revolut account and business activities, stay informed, and do extensive research.