Fintech company Revolut has announced on its website that it is launching a fraud detection feature to help protect customers from card fraud. The company, whose services are used by more than 35 million customers worldwide, says that users can now try the additional security protection, in addition to the technology already in place, to detect APP (authorized push payments) – fraud in which criminals mislead the user to get him to transfer money to another account.
The new feature relies on advanced machine learning to detect if a customer has been scammed, then “break the spell” of the fraudster before the money is sent to the criminal. Created by Revolut’s internal financial crime protection team, the new feature can determine if there is a high likelihood that a customer is making a card payment as part of a fraud and, if so, decline the payment. The client is then protected from making other such payments, and the application then displays information regarding such interventions. During this phase, the customer must provide additional information about the transaction he is trying to make, with the idea of checking whether the customer is being guided by someone or under the influence of criminals.
The user is also shown specific educational stories related to similar scams to encourage them to think more carefully before making a payment.
Revolut can also direct the customer to a chat with a fraud specialist from the startup’s team, who will then ask them additional questions to determine whether they have fallen victim to fraud.
Since launching the card fraud detection service, the company has seen a 30% reduction in card fraud losses when money was sent for investment opportunities, according to Revolut.
The new AI feature is now live and available to customers worldwide.
