Revolut, the global financial giant with a whopping 35 million users, is doubling down on the battle against financial fraud. Since 2021, they've doubled the size of their Financial Crime (FinCrime) team. With over 77,000 eager job applicants since November 2022, it’s evident that everyone wants in on the action.
OK, fraud isn’t sexy, but we can’t all be OpenAI who are preparing to fight the rise of the robots and some of our slyest foes, the fraudsters, are getting more cunning. The UK alone lost £1.12 billion to these rogues in 2022. So, Revolut's responding by unleashing a squad of over 2,500 FinCrime experts across six markets. They're spread across the board, from product development to anti-money laundering. With a 100% YoY increase in retail transactions, Revolut still managed to block over £200 million in potential fraud over the last year.
Revolut - Staying Ahead of the Curve
Revolut's not just keeping up with the criminals; they're beating them. While fraudsters are shifting from old-school “fraud” to the trendier “scams,” - and there is a difference - Revolut’s on the ball. Despite a 35% reduction in APP Fraud since June this year, they're not resting on their laurels.
Aaron Elliot Gross, Revolut’s Head of Financial Crime and Fraud, says they're combining tech, fraud experts, and customer education to battle the growing threat. Criminals are now targeting customers via social media and using cunning tactics like romance scams and investment fraud. But Revolut’s committed to staying ahead by investing in top talent and cutting-edge AI.
Social Threats
Let's not forget the playground where most of these scams begin: social media platforms. Two-thirds of Revolut’s attempted frauds kick off there. With over 77,000 applicants eager to join their FinCrime team, Revolut's getting the best of the best from top financial institutions.
Whether they’re coming from NatWest, TSB, Klarna, EY, or MUFG, Revolut's amassing a league of extraordinary financial protectors. With their market smarts and a knack for unraveling fraud schemes, these experts are arming Revolut in the war against financial crime.
