Revolut customers say e-money firm failed them after being scammed

A man who had 165,000 stolen from his Revolut business account by fraudsters has told BBC Panorama he believes the company’s security measures failed to prevent the theft.

He says criminals managed to bypass the ID verification process to gain access to his account.

The BBC has found that the e-money firm was named in more reports of fraud in the last financial year than any of the major High Street banks.

The firm says it takes fraud incredibly seriously and that it has “robust controls” to meet its legal and regulatory obligations.

Panorama investigates the stories of Revolut customers who say scammers took tens of thousands of pounds from their accounts.

Bank says it takes fraud incredibly seriously, and has approaches to tackle it.

In July , the UK banking regulator granted the bank a provisional banking licence and it is now a fully-fledged bank.

Revolut says it abides by the same regulatory standards as any High Street bank.

It says it cut fraud by 20% last year but acknowledges there is always more to do’ The Treasury says the decision on whether to grant a banking license lies with the independent regulators.