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.
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.
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 .