Revolut, the worldwide monetary large with a whopping 35 million customers,
is doubling down on the battle towards monetary fraud. Since 2021, they’ve
doubled the dimensions of their Monetary Crime (FinCrime) group. With over 77,000 keen job
candidates since November 2022, it’s evident that everybody needs in on the
motion.
OK, fraud isn’t horny, however we are able to’t all be OpenAI who’re getting ready to
combat the rise of the robots and a few of our slyest foes, the fraudsters, are
getting extra crafty. The UK alone misplaced £1.12 billion to those rogues in 2022.
So, Revolut’s responding
by unleashing a squad of over 2,500 FinCrime consultants throughout six markets.
They’re unfold throughout the board, from product improvement to anti-money
laundering. With a 100% YoY improve in retail transactions, Revolut nonetheless
managed to dam over £200 million in potential fraud during the last yr.
Revolut’s not simply maintaining with the criminals; they’re beating them.
Whereas fraudsters are shifting from old-school “fraud” to the trendier “scams,” – and there’s a distinction – Revolut’s on the ball. Regardless of a 35% discount in APP Fraud since June this
yr, they are not resting on their laurels.
🚨 #Revolut doubles its FinCrime group to fight rising monetary frauds!
With a proactive method, they’ve prevented potential crimes price over £200M prior to now yr. 🛡️ https://t.co/ljp2qgUEbz
— The Cryptonomist (@Cryptonomist_en) October 20, 2023
Aaron Elliot Gross, Revolut’s Head of Monetary Crime and Fraud, says
they’re combining tech, fraud consultants, and buyer schooling to battle the
rising risk. Criminals are actually concentrating on clients by way of social media and
utilizing crafty ways like romance scams and funding fraud. However Revolut’s
dedicated to staying forward by investing in high expertise and cutting-edge AI.
Social Threats
Let’s not overlook the playground the place most of those scams start: social
media platforms. Two-thirds of Revolut’s tried frauds kick off there. With
over 77,000 candidates keen to affix their FinCrime group, Revolut’s getting the
better of one of the best from high monetary establishments.
Whether or not they’re coming from NatWest, TSB, Klarna, EY, or MUFG,
Revolut’s amassing a league of extraordinary monetary protectors. With their
market smarts and a knack for unraveling fraud schemes, these consultants are arming
Revolut within the conflict towards monetary crime.
Revolut, the worldwide monetary large with a whopping 35 million customers,
is doubling down on the battle towards monetary fraud. Since 2021, they’ve
doubled the dimensions of their Monetary Crime (FinCrime) group. With over 77,000 keen job
candidates since November 2022, it’s evident that everybody needs in on the
motion.
OK, fraud isn’t horny, however we are able to’t all be OpenAI who’re getting ready to
combat the rise of the robots and a few of our slyest foes, the fraudsters, are
getting extra crafty. The UK alone misplaced £1.12 billion to those rogues in 2022.
So, Revolut’s responding
by unleashing a squad of over 2,500 FinCrime consultants throughout six markets.
They’re unfold throughout the board, from product improvement to anti-money
laundering. With a 100% YoY improve in retail transactions, Revolut nonetheless
managed to dam over £200 million in potential fraud during the last yr.
Revolut’s not simply maintaining with the criminals; they’re beating them.
Whereas fraudsters are shifting from old-school “fraud” to the trendier “scams,” – and there’s a distinction – Revolut’s on the ball. Regardless of a 35% discount in APP Fraud since June this
yr, they are not resting on their laurels.
🚨 #Revolut doubles its FinCrime group to fight rising monetary frauds!
With a proactive method, they’ve prevented potential crimes price over £200M prior to now yr. 🛡️ https://t.co/ljp2qgUEbz
— The Cryptonomist (@Cryptonomist_en) October 20, 2023
Aaron Elliot Gross, Revolut’s Head of Monetary Crime and Fraud, says
they’re combining tech, fraud consultants, and buyer schooling to battle the
rising risk. Criminals are actually concentrating on clients by way of social media and
utilizing crafty ways like romance scams and funding fraud. However Revolut’s
dedicated to staying forward by investing in high expertise and cutting-edge AI.
Social Threats
Let’s not overlook the playground the place most of those scams start: social
media platforms. Two-thirds of Revolut’s tried frauds kick off there. With
over 77,000 candidates keen to affix their FinCrime group, Revolut’s getting the
better of one of the best from high monetary establishments.
Whether or not they’re coming from NatWest, TSB, Klarna, EY, or MUFG,
Revolut’s amassing a league of extraordinary monetary protectors. With their
market smarts and a knack for unraveling fraud schemes, these consultants are arming
Revolut within the conflict towards monetary crime.
