Revolut bolsters efforts to fight financial crime

Digital Reinvention
23/10/2023 News

Revolut, the global financial superapp with 35 million customers, is doubling down on combatting financial fraud, having expanded its Financial Crime (FinCrime) team by 100% since 2021. Recognizing the critical role of human intelligence in fraud detection and prevention, Revolut aims to tackle the growing threat of financial fraud using a comprehensive approach.

With more than 1.12 billion GBP lost to fraud in the UK in 2022, Revolut is investing in world-class talent to combat the issue. Over one-third of Revolut's workforce is now dedicated to fighting Financial Crime, comprising over 2,500 FinCrime experts across six markets. This doubling in team size since 2021 has proven successful, with Revolut preventing over 200 million GBP in potential fraud in the past year.

Despite fraudsters shifting from "fraud" to "scams" due to more advanced prevention technologies, Revolut reports a 35% reduction in APP Fraud on its platform since June this year.

Aaron Elliot Gross, Revolut's Head of Financial Crime and Fraud, stresses their data-driven, holistic approach to customer protection. The company is committed to investing in top-tier talent, including anti-financial crime professionals and data scientists. Advanced artificial intelligence technology is utilized to detect unusual payment activity and protect customers.

Revolut's commitment extends to attracting top-tier fraud talent, having received over 77,000 job applications for FinCrime roles. The company has successfully onboarded experts from leading financial institutions, enhancing their capabilities in fighting fraud.

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