Anti-Fraud: What Does Revolut’s New Feature Achieve?

Revolut’s new in-app feature aims at empowering users with anti-fraud tools and actionable protection. 

The Call Identification feature detects when a user is on the app and is receiving a phone-call in real-time. 

Revolut aims to utilise this feature to stop rapidly evolving threats where bad actors use AI to commit financial fraud. 

The functionality detects when a customer opening the Revolut app is currently on a phone call.

It identifies whether the call is originating from a legitimate Revolut agent or an external number.

A live in-app banner appears to advise the user on the legitimacy of the caller.

The system goes one step further than existing market solutions by helping customers take prompt action to report attempted fraud.

If the caller is verified as Revolut, the banner confirms the call is legitimate. If the caller is not from the firm, an urgent warning informs the user they are not talking to the company.

Tapping the banner leads the user to actionable protection pathways based on the specific situation.

This real-time contextual system provides a critical layer of defence against scammers who use high-pressure tactics.

Criminals are increasingly using AI-generated deepfake voices and social engineering tactics to trick victims.

These impersonation scams often pressure people to move money to supposedly safer accounts or share sensitive data.

A 2021 study found that only 25% of people can accurately distinguish a deepfake voice from a real human. Most participants in the study falsely believed they were able to identify the fakes.

This vulnerability contributes to the global surge in Authorised Push Payment (APP) fraud.

Innovation in the face of evolving threats

The financial services giant aims to get ahead of fraudsters that are manipulating AI to scam unsuspecting customers. 

Rami Kalai, Product Owner at Revolut, says: “Revolut is committed to building a safer financial future.

“As fraudsters adopt AI and advanced deepfake tools, we need to innovate fast to defend our customers and stay ahead of rapidly evolving fraud threats. 

“This new feature not only gives users real-time, contextual warnings in the moment they need them most but also guides them to identify impersonation scams providing clear, actionable steps to keep their money safe while the fraud attempt is happening.” 

The feature is currently active for all customers using iOS devices.

Android users must proactively authorise the functionality within the Security Hub.

In 2024, the fraud prevention systems at Revolut saved customers more than £600m (US$807m).

Other recent security releases include Wealth Protection and Street Mode, which use biometric verification.

The firm also offers In-App Calls to ensure customers only speak to verified staff.

Enhanced machine learning systems are used to block risky transactions before funds leave an account.

The broader landscape of fintech security

The move follows a period of significant expansion for the challenger bank.

Revolut has recently expanded its strategic partnership with Google Cloud to support its goal of reaching 100 million customers.

The collaboration integrates the Gemini family of language models into fraud detection systems and product development.

This integration of generative AI is a growing trend as firms seek to process more than half a billion monthly transactions securely.

The industry is increasingly looking toward advanced technology to manage the broadest possible range of fraud risks.

Recent reports suggest that AI has become a significant player in the digital payments fraud landscape.

The recent Fraudscape six month report, which is published by fraud prevention service Cifas, highlights that AI is now a main driver of identity fraud.

Advanced AI is being used to create convincing identification documents that bypass traditional verification systems.

Fintechs are responding by developing real-time detection systems that analyse transaction patterns in milliseconds.

These partnerships and technological integrations are becoming essential for maintaining consumer trust.

As digital wallets evolve into comprehensive financial ecosystems, the battle for consumer finance supremacy depends on robust security.