Revolut, a global financial superapp with a significant customer base, has been actively expanding its Financial Crime (FinCrime) team to combat the increasing threat of financial fraud. They have doubled their FinCrime headcount since 2021 and now have over 2,500 FinCrime experts across six markets. These experts are involved in various functions, including product development, data science, customer support, operations, and anti-money laundering. Their focus is on a 360-degree approach to tackle financial fraud, using both human intelligence and advanced technology, including AI.
In response to the rising threat of financial fraud, especially in the United Kingdom, where over £1.12 billion was lost to fraud in 2022, Revolut is investing in top-tier talent. More than one-third of Revolut’s workforce is now dedicated to fighting financial crime.
Revolut’s continued investment in fraud protection has been successful, with the company preventing over £200 million in potential fraud against its customers in the last 12 months. This is a testament to their commitment to staying ahead of the evolving tactics used by fraudsters.
In recent times, there has been a shift from traditional fraud to scams, and Revolut is adapting to this change. They have reported a 35% reduction in Authorised Push Payment (APP) fraud on their platform since June this year, demonstrating their effectiveness in staying ahead of criminals.
Aaron Elliot Gross, Revolut’s Head of Financial Crime and Fraud, emphasised their data-driven and holistic approach to customer protection. They focus on technology, expert fraud prevention, and customer education to protect customers from scams. The rise in scams often involves sophisticated, organised networks of criminals using social engineering techniques, such as romance scams or investment scams, primarily through social media platforms.
Revolut is committed to attracting top-tier fraud talent, and they’ve received a significant number of job applications for roles in their FinCrime team. They have successfully onboarded experts from leading financial institutions, bringing diverse skills and qualifications to the table. This investment in talent, along with cutting-edge AI technology, helps Revolut maintain a strong defence against financial fraud and scams.
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