Revolut’s AI security slashes fraud losses by 30%

  • Revolut’s AI-driven security system, crafted by its financial crime team, slashes fraud losses by 30% through machine learning, while safeguarding transactions and providing real-time scam protection for users.
  • Revolut’s advanced security measures, including AI-driven fraud detection, mitigate risks, ensuring secure transactions without hindering legitimate payments.

Revolut’s innovative artificial intelligence feature, developed by its in-house financial crime team, employs machine learning algorithms, thus driving a 30% reduction in fraud losses.

Revolut’s AI-powered security fights fraud

This function automatically blocks payments that seem suspicious by using machine learning to determine if a transaction is likely to be a fraud.

Then, users are guided through an in-app scam intervention procedure designed to inform them about fraud dangers and, if needed, connect them with fraud professionals.

The fraud losses from card frauds, particularly those involving investment possibilities, have significantly decreased by 30% after the implementation of this functionality.

Also read: Revolut takes action against Meta Platform scams

Data points alarming rise in Meta platform fraud

According to Revolut’s data, Facebook, Instagram, and WhatsApp accounted for 60% of its UK fraud cases in 2023, while Meta platforms accounted for a third of the entire amount of money lost to scammers.

With the number of frauds coming from Meta platforms rising sharply in the second half of 2023, this trend highlights the increasing problem of social media-facilitated fraud.

Also read: Binance CZ Warns Crypto on Scam

Revolut’s head of fraud highlights the advantages

Revolut’s Head of Fraud, David Eborne, emphasises the feature’s benefits: it balances security and flexibility by guaranteeing user transactions are safe without needlessly limiting valid payments to cryptocurrency and investing websites.

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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