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Revolut reveals its new approach to fraudsters

Revolut has launched an advanced feature to protect customers against fraudsters and their social engineering tricks. AI-scam is an additional security firewall that uses artificial intelligence to help.

AI scam to an additional solution introduced by fintech for greater customer security. Although the feature has been working for some time, it’s only just now now Revolut has revealed the details.

The AI-scam function is powered by artificial intelligence and prevents fraud in the application. These are situations where the criminal uses various methods social engineering procedures, and the deceived and confused customer sends his money to the fraudster. As Revolut explains, the task of AI is to detect such a risky transaction, outsmart criminals and protect the customer’s money.

AI-scam will detect social engineering tricks

Revolut’s new feature uses machine learning to understand whether the client is not acting under the influence of social engineering manipulation. If a threat is detected, AI-scam is intended to “break the spell” of the confused customer, who follows the scammers’ instructions before confirming the transaction and sending them the funds.

At the beginning it is about determining whether there is a probability that the client does not act independently, but precisely under the influence of third parties. The transaction may then be automatically suspended. The customer will not perform other similar operations on the account.

At this time, the security procedure starts. The client may be asked to provide additional information about payments or to complete a fraud knowledge course in the application.

Moreover, it can be redirected to chat with a specialist anti-fraud consultant who will ask additional questions to ensure that the customer is aware of the transaction and the risks associated with it.

Since the launch of the feature, Revolut has observed 30% decrease in the value of quotas reported as frauds using service providers and sellers, which criminals most often use in the mechanism of crime.

We are proud of the AI-scam feature. Thanks to advanced technologies, we confuse fraudsters and try to stop the manipulation when the customer wants to transfer money to the fraudster. We spent months testing the new feature to make sure it effectively increases customer security

– praises Katarzyna Said Nagy, Head of Financial Crime Operations at Revolut Bank Europe.

As Katarzyna Said Nagy explains, an increasing number of traditional banks block or severely limit card payments on investment and cryptocurrency websites. Revolut, thanks to the introduction of AI-scam, instead of blocking such transactions from A to Z, can ensure that customers making regular transactions do not bear the risk. However, when there is a concern that customers are manipulated by fraudstersfintech intervenes.

According to Revolut’s global data, in 2023 59% all money lost due to fraud came from investment fraud, although they accounted for only 14% of the total number of cases. This means that in relatively few cases significant sums of money have been lost.

On the other hand, the most common type of fraud there were shopping scams. They accounted for 62% of fraud cases, but accounted for less than 9% of the total value lost (smaller frauds, although more common, were associated with smaller financial losses).

New feature AI scam Is active in the Revolut app and available to customers around the world.

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