Before Your Business Account Gets Frozen, Watch This
Revolut was tricked into handing over customer data to criminals posing as police. No customer funds were stolen, but the incident raises a bigger question for business owners: what happens when you lose access to your only bank account?
Transcript excerpt
And for everyone out there asking themselves, could I have done something different? Well, probably not. No setup in the world would have protected you here because the KYC documents and all of this information sits with the bank, so it's out of your hand. The only thing that you could have done different because in this video we want to talk about how can you actually, you know, think ahead and protect yourself is being a bit more diversified when you're an international entrepreneur. And the only way that you can diversify is by not having a single point of failure, meaning not just having one bank account and actually having a system that you rely on. And to everyone out there watching this and thinks, oh well, Revolut is a neo bank, my bank is actually, you know, regulated, it's established. Well, actually, you know what? Revolut got their banking license, they're licensed in the UK, and they're a very established bank at this point. So, this just shows anything can happen to anyone out there, especially in this digital day and age.
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