Revolut Invests in Fraud Talent with 2,500 Experts Across 6 Marketsby Fintech News Singapore October 17, 2023
Revolut, a global neobank with over 35 million customers worldwide, has doubled its financial crime headcount since 2021, with over a third of its workforce now dedicated to fighting fraud.
The company has over 2,500 financial crime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering.
Revolut has invested heavily in fraud talent, receiving more than 77,000 job applications for these roles since November 2022.
Additionally, the firm will continue to invest in artificial intelligence (AI) technology to detect unusual payment activities.
According to Revolut, its continued investment in fraud protection was successful, having prevented more than US$ 244 million in potential fraud against its customers in the past year.
The company also reported a 35% drop in Authorised Push Payment (APP) fraud since June this year.
Aaron Elliot-Gross, Head of Financial Crime and Fraud at Revolut 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.”