Revolut Doubles Financial Crime Team Amid Rising Fraud

  Revolut

Global financial superapp, Revolut, has disclosed a significant expansion of its Financial Crime (FinCrime) team. The company has more than doubled its FinCrime headcount since 2021, reflecting its commitment to combat increasing financial fraud threats.

Human Intelligence and AI in Fraud Detection

Revolut understands the crucial role of human intelligence, combined with advanced technology and AI, in detecting and preventing fraud. The company is dedicating substantial resources towards this, with more than a third of its workforce now focusing on FinCrime. The team consists of over 2,500 experts across six markets, covering functions such as product development, data science, customer support, operations, and anti-money laundering.

Tackling Fraud: Revolut’s Approach

In 2022, the UK lost over £1.12bn to fraud, prompting Revolut to invest in top-tier talent. Revealed data from the company shows that these efforts have already yielded positive results, with more than £200m in potential fraud against its customers prevented in the last year.

Adapting to Changing Fraud Dynamics

Revolut is staying ahead of the fraudsters who are transitioning from ‘fraud’ to ‘scams’ due to advancements in fraud prevention technologies. Despite an industry-wide increase in scams, Revolut has reported a 35% decrease in APP Fraud on its platform since June.

Revolut’s Holistic Approach to Customer Protection

Revolut’s Head of Financial Crime and Fraud, Aaron Elliot Gross, emphasized the company’s comprehensive approach to customer protection. He highlighted the company’s focus on a data-driven approach, industry-leading technology, and customer education. He also noted the increasing sophistication of fraud networks and the company’s commitment to remain ahead of the curve.

The Rise of Social Media Fraud

Revolut has observed a doubling in the number of scams initiated on major social media platforms over the past year, with two-thirds of all attempted fraud against Revolut beginning on these platforms.

Attracting Top Fraud Talent

Revolut’s dedication to fighting financial crime is attracting top-tier fraud talent. The company received more than 77,000 job applications for roles in its FinCrime team and has successfully onboarded experts from leading financial institutions such as NatWest, TSB, Klarna, EY, and MUFG. These experts bring a wide range of qualifications and diverse skills to the table.