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Revolut, the super financial app, has announced the launch of an Artificial Intelligence (AI) based feature to detect fraud on customers’ payment cards.  Revolut: a new AI-based feature against customer card fraud Revolut has announced today the launch of a new AI anti-fraud feature, which protects its customers from payment card scams. In practice, the new feature uses sophisticated machine learning (ML) to detect if a customer is being scammed and then break the spell of the scammer, before the victim sends their money to the criminal.  This functionality has been developed internally by Revolut’s financial crime team.  In addition to determining whether there is a likelihood that a customer making a payment with a card is falling for fraud, the functionality acts by refusing the payment, if necessary. In this way, the customer is protected from making further suspicious payments and is included in the in-app anti-fraud intervention flow. Here, the customer is required to provide additional information about the transaction in order to verify whether they are a victim of a scam or not.  The new AI anti-fraud feature is active in the Revolut app and available to customers worldwide. Revolut and the new AI feature to protect customers from scams Revolut chooses to use Artificial Intelligence technology to protect its customers from payment card fraud. Not only that, since the introduction of the feature, Revolut has observed a 30% reduction in reported fraud amounts towards those merchants who are more commonly involved in fraud. In this regard, David Eborne, Head of Fraud at Revolut, stated: “We are very excited to launch our new AI anti-fraud feature that implements advanced technology to prevent scammers from taking advantage of ordinary people. We have spent months innovating and testing the product to ensure that customers can continue to spend and…

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Filed under: News - @ February 15, 2024 8:14 pm