Global neobank Revolut has rolled out an advanced artificial intelligence (AI) feature designed to shield its 35 million users worldwide from the growing threat of card scams.

The AI-driven feature is engineered to identify and prevent Authorised Push Payment (APP) scams, a prevalent form of fraud where individuals are deceived into transferring money to fraudsters.

Leveraging sophisticated machine learning algorithms, the tool scrutinises transactions in real-time to detect potential scams, effectively intervening before users can complete a payment to a scammer.

Developed by Revolut’s in-house financial crime team, this feature assesses the likelihood of a transaction being fraudulent. If a high risk of scam is detected, the transaction is automatically declined.

Additionally, users are guided through an in-app scam intervention process, requiring further information about the attempted transaction. This process includes educational content designed to heighten awareness of scams and direct interaction with Revolut fraud specialists if necessary.

The implementation of this technology has already shown promising results, with Revolut reporting a 30% decrease in fraud losses from card scams, particularly those involving investment opportunities, since the feature’s introduction.

David Eborne, Head of Fraud at Revolut said,

“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 also intervene to protect those who are being guided by criminals to make fraudulent ones.”

Featured image credit: Edited from Freepik

• SEO Powered Content & PR Distribution. Get Amplified Today.
• PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
• PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
• PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
• PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
• Source: https://fintechnews.sg/86799/ai/revolut-deploys-ai-to-combat-card-scams-reports-30-fraud-loss-reduction/