Revolut, the global financial superapp with more than 35 million customers worldwide, has revealed a significant expansion to its Financial Crime (FinCrime) headcount, doubling its size since 2021.
Recognizing the critical role of human intelligence in fraud detection and prevention, alongside technology and AI, Revolut is committed “to tackling the rising threat of financial fraud with a 360 degree approach.”
In response to this threat, where over £1.12bn was “lost to fraud in the United Kingdom in 2022 (1), Revolut is investing in world-class talent to help tackle fraud.”
Data disclosed by the company “revealed more than a third of Revolut’s workforce is now dedicated to fighting Financial Crime, with over 2,500 FinCrime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering.”
This represents a doubling of Revolut’s FinCrime team’s size since 2021. Revolut’s continued investment in fraud protection “is proving successful, with the company having prevented more than £200m in potential fraud against its customers in the last 12 months.”
In recent times, due to “the increased sophistication of fraud prevention technologies used by businesses, fraudsters are shifting from ‘fraud’(2) to ‘scams’.”
Data from UK finance reported “an 18% decline in unauthorized fraud 2021-2022 compared to APP Fraud which increased; accounting for 41% of all fraud losses in 2022 in the UK.”
Despite this industry rise in scams, Revolut has demonstrated success in “staying ahead of criminals; having today reported a 35% reduction to APP Fraud on its platform since June this year.”
Aaron Elliot Gross, Revolut Head of Financial Crime and Fraud, said:
“At Revolut, we are focused on a data-driven and holistic approach to customer protection which brings together industry-leading technology, top fraud experts and new ways of educating our customers about how to protect themselves from scams. We increasingly see fraud being perpetrated by sophisticated, organised and ruthless networks of criminals who target our customers primarily via social media platforms and use social engineering techniques (such as romance scams or investment scams) to convince them to make payments. In order to stay ahead of the curve, we are committed to investing in top talent in this space, including expert anti-financial crime professionals, talented data scientists and front-line staff to provide support to customers who do fall victim to fraud. We also continue to invest in cutting edge artificial intelligence technology to detect unusual payment activity and protect our customers.”
Over the last year, Revolut has reported “a doubling in the number of scams beginning on the four major social media platforms where currently two thirds of all Revolut attempted fraud is initiated.”