Revolut has made a significant effort to combat financial fraud by doubling its FinCrime staff since 2021. This commitment has resulted in the prevention of over £200 million worth of potential fraud in the previous year alone. More than one-third of Revolut’s employees are now dedicated to fighting fraud and crime in the industry.
Revolut recognizes the importance of human intelligence, cutting-edge technology, and artificial intelligence in detecting and preventing fraud. They have invested in talent worldwide, with over 2,500 FinCrime experts across six markets covering various functions such as product development, data science, customer service, operations, and anti-money laundering.
The company has observed a shift from “fraud” to “scam” among fraudsters. In Italy alone, scams have increased by 58% compared to a 16% increase in fraud between 2021 and 2022. Despite this increase, Revolut has reported a 35% reduction in APP (Authorized Push Payment) fraud on its platform since June this year.
Aaron Elliot Gross, Head of Financial Crime and Fraud at Revolut, emphasized the holistic, data-driven approach they take to protect customers. They bring together technology, fraud experts, and customer education to combat financial fraud. The company has seen a 100% increase in scams initiated on social media platforms, where two-thirds of all scams on Revolut originate.
Revolut has received more than 77,000 applications for roles in its FinCrime team. In October, Revolut and other members of the Electronic Money Association requested more time to comply with the Markets in Crypto Assets Regulation (MiCA), which will come into force from December 2024. They urged European institutions to allow for up to 18 months for transition and harmonization with the new rules.
Overall, Revolut is committed to fighting financial fraud through increased staffing, technology investment, and customer protection measures. They strive to stay ahead of sophisticated criminals and protect their customers from scams and fraudulent activities.
**Hot Take: Revolut’s Efforts to Combat Financial Fraud**
Revolut is taking significant steps to combat financial fraud by doubling its FinCrime staff and investing in talent globally. With over 2,500 experts across six markets, they are dedicated to detecting and preventing fraud using a combination of human intelligence, cutting-edge technology, and artificial intelligence. Despite a rise in scams initiated on social media platforms, Revolut has reported a reduction in APP fraud on its platform. The company continues to prioritize customer protection through education and advanced fraud detection methods.
However, Revolut and other fintech companies have requested more time to comply with the upcoming Markets in Crypto Assets Regulation (MiCA). They are urging European institutions to allow for up to 18 months for transition, ensuring a smoother harmonization process. This request highlights the challenges faced by fintech companies operating in the cryptocurrency space as they navigate evolving regulations.
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