Revolut launches scam detection feature

As per the information detailed in the press release, the newly offered feature is set to provide Revolut’s customers with an extra layer of security protection, in addition to the technology already in place to detect Authorised Push Payment (APP) scams. Currently, Revolut’s technology leverages AI to identify risky transactions and protect customers’ finances.

Revolut’s global data shows that, in 2023, 59% of all money lost to APP scams came from investment scams, even if it represented only 14% of the total number of cases, underlining that substantial sums of money were being lost across comparatively few cases. In opposition, purchase scams were the most common type of APP scam, accounting for 62% of global scam cases, but had less than 9% of the overall value lost, highlighting that more minimal scams were common but with decreased monetary losses.

By using machine learning, Revolut’s AI-scam capability identifies if a customer is being scammed and blocks the operation before the user can transfer their money to the criminal. As the company’s Financial Crime team developed the feature, it can determine the likelihood of the customer making a card payment as part of a scam and, if that is the case, decline the payment. This intends to safeguard the customer from performing other similar payments and sending them through a scam intervention flow in-app. During this, the user is prompted to offer additional information about the attempted transaction, to verify whether the customer is being guided by a scammer. Revolut then provides specific scam educational stories to prompt customers to make an informed decision before completing the payment. Additionally, the company can redirect the user into a chat with a fraud specialist who can ask further questions to determine whether they are being scammed.

Furthermore, since launching the card scam detection feature, Revolut observed a 30% decrease in fraud losses resulting from card scams where money is transferred to merchants linked to finance and investments. According to Revolut’s officials, the new AI-scam feature integrates advanced technology to prohibit fraudsters from taking advantage of individuals. The product was tested for multiple months to ensure that customers can continue to spend and send their funds safely and securely. Considering that many banks increased restrictions on the ability to make card payments to crypto and investment websites, Revolut’s solution allows customers to perform legitimate payments without interruptions but also intervenes to safeguard them if they are guided by criminals to make fraudulent ones. The company aims to provide its customers with both payment freedom, as well as security in their everyday transactions. The press release mentions that the AI card scam feature is live in the Revolut app and available to customers globally.