Revolut takes action against Meta Platform scams

  • Revolut, a UK-based neobank, revealed that Meta platforms accounted for 33% of the total money lost to scammers.
  • To bolster protection against Authorised Push Payment (APP) frauds, Revolut has rolled out an additional security layer allowing customers to identify and prevent fraudulent money transfers.

Revolut, a UK-based neobank, reports that Meta platforms including Facebook, Instagram, and WhatsApp were the source of 33% of the money lost to fraudsters. Neobank has introduced a fraud detection technology in an effort to better safeguard its customers.

Revolut responds to rising scam instances on Meta platforms

Scam instances on Meta platforms increased from 52% to 66%, according to Revolut. Revolut has given its consumers an extra layer of security protection to identify APP (authorised push payment) frauds, in which perpetrators deceive the user into transferring money to a different account.

With the use of advanced machine learning, Revolut’s new AI scam tool can identify whether a consumer is being scammed and stop money transactions.

The new function, which was developed in-house by Revolut’s financial crime team, has the ability to identify if a consumer is most likely using their card to pay for something fraudulently, in which case it can reject the payment.

The user is subsequently sent through an in-app scam intervention path and shielded from making any further identical payments. In order to determine whether they are being guided by someone, the client must offer more details about the transaction they were trying at this step.

Revolut has noticed a 30 percent decrease in fraud losses since the introduction of the card scam detection tool.

Also read: Binance CZ Warns Crypto on Scam

Revolut’s David Eborne affirms major investment in AI-Scam tech

“We’re very excited to be launching our new AI-scam feature which implements advanced technology to interrupt fraudsters taking advantage of everyday people,” David Eborne, head of fraud at Revolut, stated: “We’ve invested heavily in the product to ensure that customers can continue to spend and send their money safely.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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