Deliver Wow: How Revolut keeps you (and your money) safe 🔒

From customer service to our products, our goal is to always Deliver Wow to customers like you. And when it comes to your security, our mission is the same.

As fraudsters grow ever more sophisticated in their methods, we’re continually improving our means of combating them. And we’re now ready to dive in with our latest approach to keeping you protected.

Too many phish in the sea

To deserve the trust you’ve placed in us, we’re making extra efforts to ensure all activity is routinely and robustly monitored. But fraud detection isn’t the same as fraud prevention. Frequently, scammers manage to convince customers to bypass their account’s security features. Whether it’s someone pretending to be from customer service, or another act of social engineering, it’s difficult to know who to trust!

With fraud and cybercrime in the UK increasing by over 174% in the past year, this has become an all-too-common occurrence. So now it’s time to fight back, together. To help combat fraud, it’s vital that customers remain just as vigilant about financial crime as the tools we deploy. That’s why our latest protection measures adopt a double-edged approach to keeping the bad guys at bay.

What’s being done

Our latest security enhancements are designed to improve both the accuracy of our warnings, and the way they’re communicated.
Thanks to your feedback, we’ve made our alerts more specific and informative. With the right data, and the right understanding to interpret it, customers can deliver a swift one-two punch to the fraudsters.

To start with, we’ve refined our machine learning models to attribute a risk score for each payment. When this score passes a certain threshold, the model triggers different customer flows to deliver effective warnings and prevent fraudulent transactions. To see this in action, check out the images below.

Additionally, we’ve recently introduced a series of educational stories, displayed when customers attempt to make payments to accounts deemed suspicious. These stories offer a crash course in scam-awareness, followed by specific information based on the purpose of the transaction. These stories can’t be skipped, so read through to ensure you make well informed decisions.

:dart: Currently, these stories are preventing 98% of all scam attempts when this warning is shown, avoiding approximately £3.6M worth of fraud losses to our customers per week.

What’s to come

If they weren’t already reevaluating their life choices, our next round of security updates provides further bad news for scammers.

Future improvements will focus on making our fraud detection models even more watertight. In doing so, we aim to decrease the volume of payments that go unrecognised by further improving our machine learning algorithms, while adapting to new forms of social engineering. Additionally, we’re scoping the launch of scam awareness campaigns with our Earn and Learn program. By completing courses and evaluating your scam awareness, you’ll be able to access different rewards — as if greater peace of mind wasn’t incentive enough!

We’ll also be improving our proactive outreach, so that whenever a transaction is scored with a higher level of risk, customers are connected with a specialised support agent, to help them further understand the risks associated with their pending payment.

:dart: Currently, these measures prevent approximately £500K total fraud per week, deterring 75% of all scam attempts when this warning is shown.

A penny for your thoughts

As we continue to grow our products and services, we’re continually tightening our security measures so you can safely enjoy all the benefits your account offers. But we know there’s a balance to be struck.

Whether you love the new Fort Knox-like additions or feel like it’s cramping your style, we’d love to hear from you.
At Revolut, we’re all ears. We believe there’s always room for improvement. So, if you have any further suggestions or feedback on how we can best keep you safe, please share them with us in the thread below :arrow_down: .

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@Mariana_Rodrigues this is exciting. Thanks for sharing this. I believe some of the ideas are quite novel in the industry.

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Great to see that :r: is also becoming smarter then the scammers to prevent potential harm to customers who fall for this.

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Thank you for those words @Frank :smiling_face: They truly mean a lot to us at Revolut. We are always trying to improve our services, so we are happy that you are happy!

Thank you for your amazing feedback @Youssf :smiling_face:

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Great proactive move, really support these efforts. Machine learning being put to use to help and protect the people who use the services.

Now, how about machine learning to help customers with stocks :sweat_smile:

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Great to see you here @kd353 :wave:

Well, that would be an amazing one :smile:

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@Mariana_Rodrigues Brilliant! and I’ve shared your post with members on a Anglo-French forum I contribute to where Revolut is a well recommended and supported widely.
I’m certain that AI - which will ultimately benefit us all - may also be a source of frustration to some over time when there are unexplained difficulties in achieving money transfers and the like whilst the learning process develops its algorithms. But, those minor frustrations will be worth the effort overall!
If you have watched some of the (many) scam baiter videos on YouTube such as [Jim Browning] and [Pierogi] you will know just how easily people fall into these traps and everything that can be done to stop the scams is extremely welcome. :+1:

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Thank you so much for sharing this Topic @Graham_Lees :heart: It is really great to see that everyone is happy about this, and that it will reach a wide broad range of people :star:

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Continuing the discussion from Deliver Wow: How Revolut keeps you (and your money) safe :lock::

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Having just experienced your fraud proves I Thought I was going to be receive an eye open fintech masterpiece in how to manage. I did receive an eye opening and eye watering experience especially when you proudly announced you had recovered £0.18p of my money. You can have the most amazing machine code to rival Amazon but scammers will always find loopholes and until you sign up along with all the main baking houses to the crm code so that your customers are protected i for one will be vocal to everyone I know to steer clear of you

Most banks have to speak to other banks to recover any money, and don’t always reimburse if the customer is part to blame for negligence.

Regardless of the code banks join, if you’re to blame there’s little that can be done.

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Hi @Nickdng16 and welcome
You are of course entitled to your view but the experience of the majority who do take the safety of their funds very seriously and are savvy aware of the scams continuing to be perpetrated by those with evil intent is thankfully a better one.

Indeed.
Never EVER give anyone access to your PC or mobile device or respond to requests to move funds to a “safe” account. It’s a scam, end of. Banks just don’t need you to do this no matter how convincing these people sound or how much they pretend to be law enforcement. They are not! Close the line, change your passcodes and report it on a separate line to the institution concerned.

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Never had a problem in the other two similar instances with my main bank nationwide even if unrecoverable have refund. Also revolut hide behind stock generic warnings as putting the blame Back into the victims court rather than actually being customer focused. You may disagree but hopefully your never in the situation. Where yuu loose out to revolut’s lack protection which is all about cost savings to the bottom line

@Nickdng16 if you want to share your story so that others can learn from it and perhaps avoid falling victim themselves, please feel free do so.
But simply seeking to dismiss :r: to the community here is not going to work.
Suffering one hit by scammers is a terrible experience but to have done so three times suggests there is a fundamental underlying issue which you need to address in your day to day affairs.

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This depends on the complexity and what actually happened.

If you keep falling for fraud and scams then maybe fintech banks aren’t for you, and solely rely on a branch based service to avoid being further negligent.

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There may of course come a time when the Banks start to question the number of fraud and scam claims this individual makes and then becomes part of the investigation :wink:

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Having worked for two banks, I’ve seen this many a time :joy:

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