Revolut has introduced an AI-driven anti-scam feature aimed at safeguarding customers from authorised push payment fraud.
This innovative security measure utilizes machine learning technology to assess whether a transaction has a high likelihood of being a scam. If a potential scam is detected, the payment will be declined. Following this, customers are blocked from making similar payments and guided through a scam intervention process within the app. During this phase, they are required to provide additional details about the attempted transaction and are presented with educational stories about scams to encourage thoughtful consideration before authorizing any payments.
Furthermore, Revolut can connect customers to a fraud specialist via chat, who will ask relevant questions to identify if the user is indeed being scammed.
Since the launch of this feature, Revolut has reported a 30% decrease in fraud losses linked to card scams that involve payments for investment opportunities.
David Eborne, head of fraud at Revolut, stated, “A growing number of banks are increasingly restricting or heavily limiting the ability to make card payments for crypto and investment websites. With this advanced feature, rather than completely blocking those transactions, we ensure that customers who want to make legitimate payments can continue to do so while also protecting those being targeted by criminals.”
In 2023, analysis of Revolut’s UK customer base revealed that 60% of all reported scam cases originated from just three platforms: Facebook, Instagram, and WhatsApp. Additionally, these Meta platforms accounted for 33% of the total monetary losses associated with scams during the same period.
Data from Revolut indicated that 59% of the total funds lost online were linked to investment scams, despite these types of scams constituting only 17% of all reported cases.