Revolut, the UK’s leading fintech with over 35 million global customers, has launched a new anti-fraud feature powered by artificial intelligence (AI) to detect and prevent risky transactions.
Unrestricted Protection:
“We built this product to ensure our customers can confidently spend and send money,” explains David Eborne, Head of Fraud at Revolut. “Unlike other banks blocking payments to investment or crypto websites, Revolut protects users without restricting their legitimate transactions.”
Tangible Results:
Trials of the new feature have seen a 30% reduction in reported fraud amounts for merchants commonly associated with scams.
How the AI Anti-Fraud Works:
- Detection: The system learns to identify behavior patterns suggesting potential fraud.
- Interception: If a high risk is detected, the transaction is blocked before money is sent.
- Verification: The customer is asked for additional information about the transaction to confirm its authenticity.
- Assistance: Revolut offers help through a chat with a dedicated fraud specialist.
Meta Platforms: Breeding Ground for Scams:
A Revolut study in the UK revealed:
- 60% of fraud cases originated on Facebook, Instagram, and Whatsapp.
- 33% of money lost to scams started on these platforms.
- The use of these platforms for scams has risen from 52% to 66% in the past year.
Revolut commits to safeguarding its customers with innovative technology and a proactive anti-fraud approach.
Source: AMKN
