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Just days after Revolut released research that indicated Meta platform were the leading platforms for the origination of scams, the fintech has release a new AI scam protection platform for users.
Revolut delivers AI scam protection
The advanced scam detection feature helps protect customers from card scams, complementing technology already in place to detect APP (Authorised Push Payment) scams.
The AI-scam feature uses sophisticated machine learning to detect if a customer is being scammed. As a result, it breaks the ‘spell’ of the scammer before they send their money to the criminal.
The new feature determines if there is a high likelihood the customer is making a card payment as part of a scam. If so, it will decline the payment.
The customer is then protected from performing other similar payments and sent through a scam intervention flow in-app.
During this phase the customer needs to provide additional information about the transaction they were attempting.
The goal is to check whether the customer is being guided by someone and is under the scammer’s ‘spell’.
They are then also shown specific scam educational stories to prompt customers to think in-depth before they make the payment. Revolut can also redirect the customer into a chat with a Revolut fraud specialist.
Cuts fraud losses
Since the launch of the card scam detection feature, Revolut has observed a 30% reduction in the fraud losses resulting from card scams where money has been sent for investment opportunities.
“We’re very excited to be launching our new AI-scam feature. It implements advanced technology to interrupt fraudsters taking advantage of everyday people,” says David Eborne, Head of Fraud at Revolut.
“We’ve invested heavily in the product to ensure that customers can continue to spend and send their money safely.
For example, 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 it also intervenes to protect those who are being guided by criminals to make fraudulent ones.”
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