Revolut Implements New AI Technology to Combat Fraud in Transactions


Revolut, the UK-based fintech firm, has rolled out an innovative AI-powered scam detection feature to fortify its customers against potential card scams. Revolut uses a new AI feature to protect customers. The team introduces an innovative scam detection feature aimed at shielding customers from card scams. Utilizing advanced AI technology, this new feature can swiftly identify potential scams, empowering users to thwart scammers before any funds are transferred. Early trials have shown promising results, with Revolut noting a significant 30% decrease in fraud losses attributed to card scams involving deceptive investment schemes.

Specifically targeting Authorised Push Payment scams, where criminals manipulate users into transferring funds to fraudulent accounts, this newly introduced feature adds an extra layer of security to Revolut’s existing technology. Developed internally by Revolut’s financial crime team, the cutting-edge feature utilizes advanced machine learning algorithms to identify and prevent potential scam scenarios before users fall prey to fraudulent transactions.

The AI-driven scam detection feature assesses the likelihood of customers engaging in scam-related payments and, when deemed necessary, intervenes by declining the transaction. Users are then seamlessly guided through an in-app scam intervention process, providing additional transaction details while receiving educational prompts to enhance their ability to recognize potential scams. David Eborne, Head of Fraud at Revolut, highlighted the strategic approach, stating, “Rather than completely block those transactions, we ensure that customers who want to perform legitimate payments continue to do so, but also intervene to protect those who are being guided by criminals to make fraudulent ones.”

In a comprehensive report, Revolut disclosed that Meta platforms, including Facebook, Instagram, and WhatsApp, were the primary sources of reported scams and monetary losses in the UK and Europe in 2023. Notably, these 60% of reported scams in the UK originated from Meta platforms, rising to 66% by December 2023. Across the European Economic Area (EEA), 61% of reported scams were linked to Meta platforms. Investment scams, although less frequent in number, accounted for a significant 59% of all money lost online, while purchase scams and challenges were more common but resulted in comparatively lower financial losses.

Sources: revolut and Finance Magnets