How we protect your money

Sonja Polimac

 · 12/02/2020  · 12/02/2020

Revolut is now one of the fastest growing financial companies in the world. While that’s exciting, such growth comes with a great deal of responsibility. It may not seem like the most exciting topic in the world, but understanding how we protect you and your money is really important. Here are just a few ways  Revolut can keep your money safe.

Your money is protected by licensed banks

We are an Electronic Money Institution (EMI) and are FCA authorised.  As an EMI, we are required by law to safeguard your money and we do so with licenced banks. We call these accounts our “safeguarding accounts”.

In the unlikely event that anything happens to Revolut, you (and all our other customers) would be paid out your e-money balances from these safeguarding accounts. This process would be handled by an insolvency practitioner, not by us. However, safeguarding regulations make sure that once any costs related to an insolvency are paid out you will be paid from our client money accounts before anyone else..

This also includes any money deposited into your Revolut account in order to make an order to buy shares and any profits and other monies credited to your Revolut account in connection with your shares as this is e-money but it does not apply to the shares themselves.

The money in your account isn't covered by the Financial Services Compensation Scheme (because it’s safeguarded instead). However, in some circumstances, you may also be entitled to compensation from the Financial Services Compensation Scheme (FSCS) in connection with your shares - Revolut itself is not an authorised firm that can offer FSCS protection to its customers but our principal Resolution Compliance Ltd is.  To read more about this, please read our Trading terms.

It’s important you know that any money you place in a Savings Vault is treated differently to your e-money - when you put money into your Savings Vault, we deduct it from your Revolut e-money account (that’s when we stop safeguarding it) and send it to a third party trustee, who sends it on to the bank, on your behalf.  Your money will be held in a segregated trust account operated by the trustee on your behalf and will be protected by the FSCS . If you choose to withdraw the money from your Savings Vault, we will get it back to you as soon as you can and will credit it to your normal Revolut account - that’s when your money stops being protected by the FSCS and is instead safeguarded by us with our licenced banks.    .

Please always be aware that the level of protection that safeguarding provides only applies to your e-money.  For example, it does not apply to precious metals or cryptocurrency. Your precious metals and the cryptocurrency are also not protected by the FSCS.

For more information on how we protect your money, and how some of our products are not treated in the same way, please read our product terms - Trading, Precious Metals, Cryptocurrency, Savings Vaults.

How we protect your card details

Your card details are as important and unique as your identity. We do all we can to keep them secure. When processing card details, we use a highly trusted security measure for digital communications: Transport Layer Security (TLS). It authenticates everyone involved, checks the integrity of the data being transmitted, and encrypts it at every stage.

When we're not using your card details, they're stored according to strict standards. We store your card details by adopting the Payment Card Industry Data Security Standard (PCI DSS), a set of rules that govern how we keep your cardholder data secure against hackers  and potential data breaches.

We've created bespoke security systems

When we said that today's money needs tomorrow's security, we knew that an off-the-shelf system wouldn't be the solution. We built a system that learns as it grows to identify security risks that we may not have seen before. Every time you're prompted to check a transaction after we've frozen your card, it's because our system has noticed something suspicious. It secures transactions before your money is compromised. In 2020, Revolut received the Anti-fraud Solution of the Year award at the FStech Awards.

We'd always rather be safe than sorry, so we've created safeguards to make sure thieves aren't using your cards to make contactless payments. For example, We limit the number of contactless card payments you can make without the need to insert your PIN number - when your limit is approaching, we'll let you know so you can verify it's still you making those payments.  Read more about contactless limits on the blog.

Your safety is also in your hands

As much as we can do, it's also up to you to stay safe when handling your money. As much as we can do, it's also up to you to stay safe when handling your money. We wanted to create as many features as possible that let you decide how much control you want to have. You can freeze and unfreeze your card, set monthly spending limits, and turn off contactless payments all from within the app on a 24/7 basis.

Discover single-use cards when shopping online somewhere new. The details will refresh as soon as the transaction is complete, leaving you with peace of mind that your money is safer, even if those details are exposed.

And without communication, there's no trust. That's why we're open about the ways we keep you and your money safe. Start using Revolut today to discover one of the world's truly global financial super app.