15 February 2024

Revolut launches AI-based scam detection feature

Written By FinTech Alliance

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.

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