Revolut Launches New AI-Based Feature to Combat Card Fraud
Revolut, the popular financial app, has introduced an innovative Artificial Intelligence (AI) feature designed to detect and prevent fraud on customers’ payment cards. This new feature utilizes advanced machine learning technology to identify potential scams and intervene before the victim falls prey to the criminal.
How Does It Work?
The AI anti-fraud feature, developed by Revolut’s financial crime team, assesses the likelihood of a customer being targeted by fraud when making a card payment. If necessary, it blocks the transaction and prompts the customer to provide additional information to verify if they are a scam victim. By implementing this feature, Revolut aims to protect its customers from further suspicious payments and includes them in an in-app anti-fraud intervention flow.
The Impact of AI Technology
Since implementing this AI-based feature, Revolut has observed a 30% reduction in reported fraud amounts for merchants commonly associated with fraudulent activities. David Eborne, Head of Fraud at Revolut, expressed excitement about the launch of this advanced feature and emphasized its ability to ensure safe spending and money transfers while protecting customers from falling into fraudulent schemes.
Revolut’s 2022 Annual Report and Financial Forecasts for 2023
In late December 2023, Revolut published its 2022 annual report along with financial forecasts for the year 2023. The company experienced significant revenue growth in 2022, with a 105% increase in revenue from cards and interchange amounting to $369 million. Subscriptions also saw a 48% increase compared to the previous year.
Looking ahead to 2023, Revolut invested $259 million in various activities aimed at future app growth. This included substantial investments in sales and marketing, new products and global expansion, and enhancing the customer experience. As a result, Revolut’s customer base exceeded 35 million, and the number of employees reached over 8,000. The app also became the most downloaded in the Finance category in nine countries and ranked among the top three in 15 European countries.
Revolut’s goal for 2023 was to achieve $2 billion in revenue and a double-digit net profit margin.
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