Revolut, a global financial superapp serving over 35 million customers, has significantly expanded its Financial Crime (FinCrime) division, doubling the headcount since 2021.
The company firmly believes that human intelligence, coupled with state-of-the-art technology and AI, is pivotal in detecting and preventing fraud. This expansion is a testament to Revolut’s comprehensive strategy to counteract the increasing menace of financial fraud.
Given the alarming £1.12bn lost to fraud in the UK in 2022, Revolut is making vast investments in world-class talent to counteract this threat.
Recent data disclosed by Revolut indicates that over a third of its workforce is now dedicated to combating Financial Crime. The team, which has grown to encompass over 2,500 FinCrime specialists across six markets, covers essential areas like product development, data science, customer support, operations, and anti-money laundering. This boost in manpower and resources has yielded positive results, with Revolut successfully thwarting over £200m worth of potential fraud in the past year.
Fraudsters have adapted their tactics due to advancements in fraud prevention technologies. A notable shift has been observed from ‘fraud’ to ‘scams’. UK finance data highlighted an 18% dip in unauthorised fraud from 2021 to 2022. However, APP Fraud saw an increase, making up 41% of all fraud losses in the UK in 2022. Despite the industry’s heightened scam activities, Revolut has made significant strides, announcing a 35% decline in APP Fraud on its platform since June.
Revolut Head of Financial Crime and Fraud Aaron Elliot Gross 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.”
In the past year, Revolut identified a two-fold increase in scams originating from the four dominant social media platforms, which currently account for two-thirds of all attempted fraud on Revolut.
Additionally, Revolut’s proactive measures and reputation in the industry have attracted elite fraud talent. The firm has seen an influx of over 77,000 job applications for its FinCrime division and has successfully recruited and continuously trained experts from renowned financial institutions such as NatWest, TSB, Klarna, EY, and MUFG. These experts enhance Revolut’s capabilities, bringing a plethora of qualifications, market insight, and a varied skill set.
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