Revolut Introduces AI-Powered Anti-Scam Feature to Protect Customers

Revolut has unveiled a new AI-driven security feature aimed at shielding customers from falling prey to authorized push payment fraud, a prevalent form of scam, according to Finextra. This innovative system employs machine learning to assess the likelihood of a card payment being part of a scam and, if flagged, automatically declines the transaction.

Upon detection, the customer is not only prevented from further similar payments but is also guided through an in-app scam intervention process. This involves providing additional transaction details and receiving educational content on scams to help users make informed decisions before proceeding with the payment.

Furthermore, Revolut offers customers the option to engage in a chat with a fraud specialist for further investigation. This additional layer of security has already proven effective, with Revolut reporting a significant 30% reduction in fraud losses resulting from card scams involving investments since its implementation.

David Eborne, head of fraud at Revolut, emphasized the importance of balancing security measures with customer convenience. «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,» Eborne stated.

Revolut’s data analysis revealed that a substantial portion of reported UK scam cases in 2023 originated from social media giants Facebook, Instagram, and WhatsApp. Moreover, a significant 33% of the total value lost to scams during the same period stemmed from Meta platforms.

Highlighting the prevalence of investment scams, Revolut found that while these scams represented only 17% of the total number of cases, they accounted for a staggering 59% of all money lost online in 2023. This underscores the critical need for robust anti-fraud measures in the digital landscape.