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Revolut includes AI anti-fraud functionality

MADRID, 15 Feb.

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Revolut includes AI anti-fraud functionality

MADRID, 15 Feb. (EUROPA PRESS) -

The neobank Revolut has included a functionality for all its clients that detects possible cases of fraud in card payments by using artificial intelligence to detect risky transactions, as reported in a statement.

Revolut's new AI scam avoidance feature uses machine learning to detect if a customer is being scammed and therefore intercept the transaction before customers can send their money to the potential scammer.

Customers will also receive specific educational content about scams, to encourage critical reflection before authorizing any payment. Revolut may also redirect the customer to a chat with a Revolut fraud specialist, who will then ask them further questions to determine if they are being scammed.

Since the start of testing the new functionality, Revolut has seen a 30% reduction in amounts reported as fraud against those merchants who are most commonly involved in fraud.

"A growing number of banks are restricting or strongly limiting the ability to make card payments to cryptocurrency and investment websites. With this advanced feature, rather than completely blocking those transactions, we ensure that customers who want to make legitimate payments continue to do so, but we also intervene to protect those who are being guided by criminals to do fraud," explains Revolut's Head of Fraud, David Eborne.