15 February 2024

Revolut launches AI-based scam detection feature

Written By FinTech Alliance in A.I.

Revolut launches AI-based scam detection feature

Revolut has launched an AI-powered anti-scam feature to protect customers from falling victim to authorised push payment fraud.

In brief:

- The new layer of security protection uses machine learning to determine if there is a high likelihood that the customer is making a card payment as part of a scam, and if so, decline the payment.

- Revolut can also redirect the customer into a chat with a Revolut fraud specialist who will then ask them further questions in order to determine if they are being scammed.

- Since launch, Revolut has observed a 30% reduction in the fraud losses resulting from card scams where money has been sent for investment opportunities.

What does this mean?

David Eborne, head of fraud at Revolut, says: "A growing number of banks are increasingly restricting or heavily limiting the ability to make card payments to crypto and investment websites. With this advanced feature, 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”.

Read more here.

Up Next ...
01 November 2024

Mollie and Hyvä announce strategic partnership, launching Hyvä Commerce

Mollie, a leading financial service provider, has partnered with Hyvä, ...

01 November 2024

CBI partners with Zumo to advance innovation in sustainability of digital assets

Commercial Bank International (CBI) in the UAE has partnered with ...

01 November 2024

Causal, key player in the financial planning and analysis market, becomes part of the Lucanet Group

Lucanet, a leading provider of CFO software solutions, has acquired ...

30 October 2024

LSEG Risk Intelligence unveils two new verification solutions to combat advanced fraud techniques globally

LSEG Risk Intelligence has introduced two cutting-edge verification tools to ...

More in A.I.

Meet Cleo, London based FinTech

14 May 2024

Using AI to close in on unicorn status In brief:Suddenly, all ...

Stratiphy leads £1mn consortium

09 May 2024

Advancing trustworthy AI solutions in financial services. In brief:- Stratiphy, an investment ...

ComplyAdvantage acquires Golden

25 April 2024

Bolstering financial crime intelligence.In brief:- ComplyAdvantage, known for its advanced ...

Tifin hires Brooke Juniper as CEO of its AI investment platform Sage

18 March 2024

Tifin hires ex-BlackRock MD Brooke Juniper as CEO of its ...

White Papers A.I.

Retail Banking: The Scope of AI Within Financial Services

12 January 2024

Just as AI and machine learning (ML) swept through the industry bringing automation and disruption,....

White Papers A.I.

Comarch on: Knowledge is power – the role of AI in building loyalty in finance

27 April 2022

What you will find in this useful free e-book:Our e-book discusses the role of artificial intelligen...

Articles A.I.

It’s time to get excited about boring AI

30 June 2021

The good news? Artificial intelligence (AI) offers ways to perform these complex, integrated tasks f...

Articles A.I.

AI for business

25 May 2021

During a corporate crisis, time is essential. Getting the integration process wrong can prove d...

There are no Events in this category