Revolut, a fintech company based in the UK, has unveiled a cutting-edge scam detection feature aimed at safeguarding customers against card scams.
Detecting and Preventing Payment 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, 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.”
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.
