Revolut, the UK-based FinTech darling, has long marketed itself as an innovative, secure, and customer-centric financial platform. But beneath the polished branding, serious allegations are surfacing. Two recent cases expose deep cracks in Revolut’s operational integrity:
- A phishing scam linked to a fake Booking.com page, with Revolut as the end-point of the payment.
- Revolut’s alleged role in processing payments for 20Bet, an online gambling platform operating illegally in Germany.
Case 1: Phishing Scam Disguised as Booking.com — Revolut Facilitates the Fraud
In a documented case, a victim was tricked into sending a four-digit sum via a phishing site that mimicked Booking.com. The transaction was initiated through Wise, using 3D Secure verification (SMS or push code). The funds, however, were transferred to a Revolut account — specifically through Revolut Ramp, which handles crypto and digital asset purchases.
Wise attempted to recall the funds after identifying the fraud but was unsuccessful. Their recommendation? “Contact Revolut.”
And Revolut? Dead silence. No refund, no investigation, no freezing of the recipient’s account — even after being provided with transaction details and proof of fraud.
👉 Critical question: Why does Revolut take no action when provided with clear evidence of phishing and criminal activity?
Case 2: Processing Payments for Illegal Gambling — The 20Bet Scandal
The investigative report by RateX42 reveals Revolut’s alleged involvement in processing payments for 20Bet, a gambling operator without a valid license in Germany. 20Bet holds a Curaçao license — not recognized in the EU or by German regulators.
Despite this, German users (even those listed in the OASIS national self-exclusion system) were able to register, deposit, and gamble on 20Bet — with payments handled via Revolut. This strongly suggests that Revolut’s KYC (Know Your Customer) and AML (Anti-Money Laundering) processes were either inadequate or deliberately ignored.
👉 Critical question: Why did Revolut not block or flag transactions tied to a known illegal gambling operator?
A Pattern of Passive Complicity
Both incidents point to a disturbing pattern:
- Revolut acts as a black box for receiving and distributing funds.
- The platform is non-cooperative in clear cases of fraud or regulatory breaches.
- Victims are left with no recourse unless law enforcement or regulators get involved.
While traditional banks would freeze accounts, launch investigations, and assist victims, Revolut does nothing unless forced to. This attitude creates a dangerous environment for both users and the broader digital economy.
Regulatory Consequences on the Horizon
If the allegations are confirmed, Revolut could face scrutiny from German regulators (BaFin, GGL) and even EU-wide investigations for enabling illicit transactions and ignoring consumer protection obligations. One victim has already pledged to escalate the matter to EU consumer authorities, the German gambling regulator, and financial oversight bodies — seeking full refunds and accountability.
Conclusion: A FinTech with a Crumbling Trust Base
Revolut presents itself as the future of finance — fast, smart, and secure. But when it enables phishing scams and illegal gambling payments while ignoring victims, that future starts to look dangerously hollow.
Unless Revolut radically improves its fraud response, compliance standards, and customer protection, it risks becoming not an innovator — but a facilitator of criminal activity.
The pressure is mounting. And if regulators don’t act soon, users might vote with their feet.