Revolut, a fintech company based in the United Kingdom, has launched a unique fraud prevention to maintain security from customer card scams. This AI-based function goes a step forward, providing a definite security net over Revolut’s already robust technology and helping combat APP scams. These fraud cases involve con artists usurping and deluding users into sending funds to fake accounts.
Revolut Tackling Payment Scams
Equipped with cutting-edge artificial intelligence (AI), the scam detection feature of the AI-driven by Revolut stops recognizing possible fraudulent cases and only then acts accordingly before the users become the victims of the fraudulent transactions. Initially designed by Revolut’s financial crime team, the functionality provides a score describing the probability of removing funds in a scam-related transaction. If necessary, the transaction could be declined. Next, gatekeepers validate the details provided by users in the app and remind them of common scam characteristics with the in-app scam intervention process.
David Eborne is the head of fraud of a fast-growing card payment system in cryptocurrency and investment websites. Unlike others who go for the straightforward action of entirely blocking such transactions, they have to provide a solution allowing their users to carry out their legitimate transactions while protecting criminals who want to send more scam payments.
Growing Purchase and Investment Scams in Europe and the UK
A recently released report by Revolut stated that Meta was declared the most reported scam source and the platform most people used to experience financial losses in the UK and Europe in 2023. In the UK, about 60% of scam reports came from Meta platforms, and later, it increased to 66% in December 2023.
Within the EEA (European Economic Area), the Meta platforms were to blame for 61% of the reported scams. European Economic Area (EEA) is mentioned as if it is the only place where Meta platforms are responsible for 61% of reported scams. While investment scams had fewer numbers, they accounted for 59% of all money earned online, and although the latter were more common, the lower financial losses made them not a huge concern.