Users are then taken through an in-app scam intervention process, aimed at educating them about fraud risks and consulting with fraud specialists if necessary.
The introduction of this feature has led to a significant 30% decrease in fraud losses from card scams, especially those related to investment opportunities. David Eborne, Head of Fraud at Revolut, highlights the dual benefit of the feature: ensuring customer transactions are safe without unnecessarily restricting legitimate payments to crypto and investment sites, thereby balancing freedom with security.
Revolut’s analysis reveals that 60% of its UK scam cases in 2023 originated from Facebook, Instagram, and WhatsApp, with Meta platforms accounting for a third of the total value lost to scams. This trend underscores the growing challenge of social media-facilitated fraud, with the rate of scams originating from Meta platforms increasing significantly in the latter half of 2023. The AI card scam detection feature is now active in the Revolut app for users worldwide, marking a critical step in safeguarding financial transactions in the digital age.
