Revolut has recently unveiled an innovative artificial intelligence (AI) tool aimed at combating authorised push payment (APP) fraud, a sophisticated scam where criminals deceive individuals into willingly transferring money into fraudulent accounts.
This new product, which was reported by UKTN, comes as a response to the increasing prevalence of scamming activities, notably in the UK, where almost three-quarters of adults have been targeted by scams.
Revolut’s new tool leverages AI to safeguard users against APP threats. The feature activates a scam intervention flow when it detects a high likelihood of fraud, prompting users to reassess the transaction and educating them on common scam tactics.
David Eborne, Revolut’s head of fraud, said, “We’ve invested heavily in the product to ensure that customers can continue to spend and send their money safely.
“A growing number of banks are increasingly restricting or heavily limiting the ability to make card payments to crypto and investment websites.”
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