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Introduction To Revolut
Revolut is a finance technology company that offers banking services to both B2B and B2C. Financial services offered by Revolut include GBP and EUR bank accounts, currency exchange, debit cards, cryptocurrency exchange, stock trading, and peer-to-peer payment. Revolut is a global neobank which means it is a direct bank that operates using an online banking system and does not have physical branches.
Revolut banking service is available in 30 countries and it received full banking service from the European Central Bank in Dec 2021.
Rising Card Scams
We all know about card scams and these are rising at a fast pace. The biggest reason behind the card scams is compromised card information when we use it on the internet. Spammers can collect your card information from the internet and they start using your card. Due to the rising cases of card scams, Revolut has introduced an Advanced AI system to protect against card scams.
According to Experian’s report, more than half of the customers feel that they are more of a fraud target. Also, most businesses have reported a 70% rise in fraudulent activities over recent years.
Advanced AI Adding A Layer Of Protection
The introduction of an advanced scam detection feature by Revolut has led to a 30% reduction in card fraud and malicious attacks. This new feature has added a layer of security and protection to protect help customers from card scams.
This new feature automatically detects when someone trying to commit fraud with the customers. Thus, using advanced AI can help break the “spell” of the scammers before transferring money.
Well, this is not the only security feature provided by Revolut. There are various security features implemented by this neobank, but this new feature can further reduce the probability of scams. Thus, the enhanced security feature by Revolut works on top of the existing feature.
As per the reports, only 26% of financial institutions are taking advantage of AI technology to prevent customers from fraudulent activities. Therefore, Revolut has scored the top spot in the list of those who are using Artificial intelligence for customer protection.
A new feature Is Built By The Team Of Revolut
The new feature is capable of determining whether the payment initiated by the customer is part of a scam or not. If it is detected by an advanced AI security feature, then payment will automatically decline, saving customers from huge frauds. At this point, the customer is also protected from making any other kind of payment and sent through a scam intervention flow in-app.
Now, the customer has to answer a few questions and provide additional necessary details to complete the transaction. The main idea behind collecting additional information is to determine whether the customer is doing this transaction on purpose or doing it under the scammer’s spell. Before doing this transaction, specific spam education material will also be displayed on the screen. This information will make customers think twice before making any payment.
If the Advance-AI protection feature is still sensing scams, then the customer may be redirected to the chat section where that person can have a quick discussion with a specialist. Also, customers have to answer a few questions to find out whether they are being scammed or not.
Why Need Of Advance-AI Protection Feature Arised?
Revolut released its fraud prevention feature after leveling up its partnership with Sabre. The primary objective of this scaled partnership is to propel its B2B payments for travel companies. Also, this scaled-up collaboration led to the announcement of offering mobile phone plans in the UK. It was part of the plan to make the Revolut app a ‘super app’.
Appdone’s Chief Product Officer, Chris Roeckl, says “Super apps will provide consumers convenience by aggregating multiple services into one app – driving consumer loyalty.” It was the reaction Chris Roeckl, after getting to know about the super app plans of Revolut.
But scaling up the app into super-app also opened up the door for hackers and spammers. It has increased the attack surface and elevated the chance of fraudulent activities, leaving customers at high risk. However, the cyber security team of Revolut must ensure a high level of safety and security for customers who are using their apps. All financial institutions must ensure a safe financial environment for their customers.
The best way to provide safe money-related apps is to use the latest tools that integrate safety features with the app.
The launch of the AI scam-detection feature by Revolut company is an appreciable move for adding the security layer to their app. This neobank gives top priority to customer protection and taking the right move at the right time. Along with adding safety features, it is equally important to spread awareness among customers and make them aware of the fraudulent activities so that do get trapped by scammers.
Wrap Up
In conclusion, Revolut’s launch of the Advanced AI for Card Scam Protection signifies a monumental leap forward in the realm of financial security. As the digital landscape evolves and online transactions become increasingly prevalent, the threat of card scams looms large, posing significant risks to consumers worldwide. Revolut’s proactive approach to combating this menace through innovative AI technology not only mitigates financial losses but also instills a sense of confidence and trust among its users.
By leveraging advanced AI algorithms, Revolut has successfully bolstered its users’ defenses against fraudulent activities, resulting in a tangible reduction in card fraud incidents. Furthermore, the seamless integration of educational resources within the app empowers users to make informed decisions and stay vigilant against evolving threats.
