Revolut is the global financial app with over 35 million customers worldwide. It revealed significant growth in the number of its employees dealing with financial crime (FinCrime). It has thus doubled the size of the team from 2021. Recognizing the fundamental role ofhuman intelligence in fraud detection and prevention, as well as cutting-edge technology and artificial intelligence, Revolut is committed to addressing the growing threat of financial fraud with a 360 degree approach.
Revolut, from fraud to scams: invests in anti-fraud talent
This threat led to the loss of more 150 million euros due to online fraud and scams only in Italy in 2022. Revolut is investing in global talent to help tackle fraud. Data disclosed by the company reveals that more than a third of Revolut’s workforce is currently engaged in fighting financial crime.
With over 2,500 FinCrime experts across 6 markets, covering key functions such as development of product, data science, customer support, operations, anti-money laundering. This means that Revolut’s FinCrime team has been doubled in size since 2021. Revolut’s continued investment in fraud protection is proving effective: in the last 12 months the company has prevented more than £200 million worth of potential fraud against its customers.
Skeep up with change
In recent times, due to the increased sophistication of fraud prevention technologies used by companies, scammers are moving on from “fraud” to “scam”. Data from the Italian Postal Police reported a 58% increase in scams in 2021-2022 compared to a 16% increase in fraud in the same period. But despite the increase in scams in the sector, Revolut has proven that it can stay ahead of the criminals; having today reported a 35% reduction in Authorized Push Payment (APP) fraud on its platform since June this year.
Revolut reported a 100% increase of the number of scams that started on social media platforms where two thirds of all frauds that happen on Revolut are currently initiated. Revolut’s commitment extends to its ability to attract high-level anti-fraud talent having received more than 77,000 job applications for roles in its team FinCrime.
The company has successfully integrated, and continued to upskill, FinCrime experts from leading financial institutions including NatWest, TSB, Klarna, EY and MUFG. Revolut experts offer a wide range of qualifications, market knowledge and diverse skills.