Revolut unveils AI-powered defense against card scams

Digital Reinvention
21/02/2024 News

Revolut, a leading fintech serving over 35 million customers globally, has launched an advanced scam detection feature to combat the rising threat of card scams. This innovative tool, developed internally by Revolut's financial crime team, leverages cutting-edge machine learning technology to identify and intercept potential scams before they inflict financial harm.

The AI-powered system analyzes transaction patterns and detects suspicious behavior, effectively disrupting the strategies employed by fraudsters. Upon flagging a transaction as potentially fraudulent, the feature guides users through an interactive intervention process within the app. Here, users are prompted to provide additional information to ascertain whether they are being targeted by scammers. Furthermore, the system offers educational resources to empower users to recognize and resist scams in the future.

Since its launch, Revolut has reported a substantial 30% reduction in fraud losses attributed to card scams related to investment opportunities. David Eborne, Head of Fraud at Revolut, emphasizes the company's commitment to protecting its customers from financial exploitation.

The prevalence of scams, particularly on social media platforms like Facebook, Instagram, and WhatsApp, underscores the urgent need for robust security measures. Revolut's data reveals that a significant portion of reported scam cases originate from these platforms, highlighting the importance of proactive intervention.

Accessible to users worldwide, the AI card scam feature is seamlessly integrated into the Revolut app, offering unparalleled protection against evolving threats. As Revolut continues to innovate, its dedication to customer safety remains steadfast, ensuring that users can navigate the digital financial landscape with confidence.

Related news & insights

Digital Reinvention
11/04/2024 Interview

Banca Widiba takes gold: Transforming financial advisory teams with innovative approach

Banca Widiba snagged the New Ways of Working gold award for ‘The Financial Advisors Team’ at the Qorus Reinvention Awards...

Digital Reinvention
11/04/2024 News

Santander brings Openbank, Europe's leading digital bank, to the US

Scheduled for launch in late 2024, Openbank's success in Europe, serving over two million customers with its user-friendly platform, foreshadows...

Digital Reinvention
10/04/2024 Article

7 lessons learnt from the Indian market

What do young fintech startups need to know to avoid unpleasant surprises after entering this promising market? Having launched an...

09/04/2024 Study

Driving forces: The interplay of financial services and the EV sector

The financial services sector and the electric vehicle (EV) sector are two dynamic realms undergoing a significant transformation in today's...

Digital Reinvention
08/04/2024 News

Ruya: A new digital Islamic community bank debuts in the UAE

Ruya enters the UAE banking scene as a digital Islamic community bank, offering innovative financial services tailored to modern customers...

Digital Reinvention
07/04/2024 News

NewRetirement secures $20M funding to expand accessible financial planning solutions

Through sophisticated modeling and thousands of scenario analyses, users can engage in holistic planning with digital guidance.

Digital Reinvention
06/04/2024 News

Salt Bank: Romania's first 100% digital neobank launched

Unlike traditional banks, Salt Bank positions itself as more than a financial institution; it promises a fully digital experience tailored...

Digital Reinvention
06/04/2024 News

Chase Media Solutions: A digital platform bridging brands and consumers

The platform not only facilitates direct engagement between brands and consumers but also ensures that Chase customers receive tailored offers...