Revolut launches anti-fraud solution to mitigate impersonation scams

credit: Shutterstock
credit: Shutterstock

In a bid to stomp out the rising number of impersonation scams, UK fintech Revolut is stepping up its bid to protect its customers with the introduction of a new security feature. 

Revolut has rolled out In-App calls for personal customers allowing them to make contact with the digital bank’s customer support team if they believe they are the target of an impersonation scam. 

Impersonation scams are becoming a highly prevalent issue for banks of all kinds recently, whether it is a person pretending to be a bank or even leveraging the capabilities of AI to perform deepfake attacks, to convince victims to send over personal information like bank and card details. 

Revolut revealed that it has experienced the lowest number of impersonation scams across its customer base for nearly two years, but highlighted the importance of notifying the fintech company whenever a customer is potentially a victim with the new In-App call feature. 

The feature has been tested for a ‘number of months’ according to Revolut, in a bid to create an in-app function that can not be replicated by impersonation scammers. 

The feature aims to offer a secure method to speak to the Revolut customer support system, a call directly through the Revolut app.

Revolut Head of Financial Crime, Woody Malouf, said: “Impersonation scams can be a major hazard for many consumers. We know that the most effective way to stop a scam is to break the spell as fast as possible, before any money has been transferred. That’s why we are providing for our customers innovative solutions that help them uncover a scam quickly. 

“The vast majority of our calls to individuals will be through our app, so if you receive an unplanned call regarding your personal account from somebody claiming to be Revolut, put the phone down and check through the app that they are who they say they are. Speaking to someone through our app means customers can be 100% sure they are talking to Revolut and not a fraudster.”

Revolut’s new solution comes after a high-profile scam took place recently through the use of deepfake technology. 

A French woman recently sent up to £700,000 to a fraudster impersonating Brad Pitt who duped the woman into sending the money as they faked an illness the Hollywood star was enduring for treatment. 

This has led to broader discussions surrounding the dangers of impersonation scams, particularly deepfake scams, as AI is set to only get more and more sophisticated.