Revolut, a fintech company based in the UK, has unveiled a cutting-edge scam detection feature
aimed at safeguarding customers against card scams.
The newly introduced feature provides an additional layer of
security to Revolut’s existing technology, specifically targeting Authorised
Push Payment scams. These scams typically involve criminals manipulating users
into transferring money to fraudulent accounts.
Harnessing advanced machine learning algorithms, Revolut’s
AI-powered scam detection feature is designed to identify potential scam
scenarios and intervene before users fall victim to fraudulent transactions.
Developed internally by Revolut’s financial crime team, the feature assesses
the likelihood of a customer engaging in a scam-related payment and, if deemed
necessary, declines the transaction. Users are then guided through an in-app
scam intervention process where they provide additional transaction details
while receiving educational prompts to help them recognize potential scams.
David Eborne, Head of Fraud at Revolut, Source: LinkedIn
David Eborne, the Head of Fraud at Revolut, said: “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.”
.@RevolutApp Launches AI Feature to Protect Customers from Card Scams and Break the Scammers “Spell”.
Read more: https://t.co/1ATXxEluPo#scam #cybersecurity #fintech #finance #FinancialIT
— Financial IT (@financialit_net) February 15, 2024
Investment Scams and Purchase Scams in the UK and Europe
Revolut’s report has revealed that Meta platforms, including
Facebook,
Instagram, and WhatsApp, were
the source of a majority of reported scams and monetary losses in the UK and
Europe in 2023. In the UK, 60% of reported scams originated from Meta
platforms, increasing to 66% by December 2023. Across the European Economic
Area (EEA), 61% of reported scams came from Meta platforms. Investment scams,
though fewer in number, accounted for 59% of all money lost online, while
purchase scams were most common but resulted in comparatively lower financial
losses.
Revolut, a fintech company based in the UK, has unveiled a cutting-edge scam detection feature
aimed at safeguarding customers against card scams.
The newly introduced feature provides an additional layer of
security to Revolut’s existing technology, specifically targeting Authorised
Push Payment scams. These scams typically involve criminals manipulating users
into transferring money to fraudulent accounts.
Harnessing advanced machine learning algorithms, Revolut’s
AI-powered scam detection feature is designed to identify potential scam
scenarios and intervene before users fall victim to fraudulent transactions.
Developed internally by Revolut’s financial crime team, the feature assesses
the likelihood of a customer engaging in a scam-related payment and, if deemed
necessary, declines the transaction. Users are then guided through an in-app
scam intervention process where they provide additional transaction details
while receiving educational prompts to help them recognize potential scams.
David Eborne, Head of Fraud at Revolut, Source: LinkedIn
David Eborne, the Head of Fraud at Revolut, said: “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.”
.@RevolutApp Launches AI Feature to Protect Customers from Card Scams and Break the Scammers “Spell”.
Read more: https://t.co/1ATXxEluPo#scam #cybersecurity #fintech #finance #FinancialIT
— Financial IT (@financialit_net) February 15, 2024
Investment Scams and Purchase Scams in the UK and Europe
Revolut’s report has revealed that Meta platforms, including
Facebook,
Instagram, and WhatsApp, were
the source of a majority of reported scams and monetary losses in the UK and
Europe in 2023. In the UK, 60% of reported scams originated from Meta
platforms, increasing to 66% by December 2023. Across the European Economic
Area (EEA), 61% of reported scams came from Meta platforms. Investment scams,
though fewer in number, accounted for 59% of all money lost online, while
purchase scams were most common but resulted in comparatively lower financial
losses.
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- Source: https://www.financemagnates.com//fintech/payments/revolut-introduces-ai-scam-detection-to-foil-fraudulent-transactions/
