Revolut, the global financial superapp serving over 35 million customers worldwide, has expanded its Financial Crime (FinCrime) team, doubling its size since 2021. Recognizing the vital role of human intelligence in preventing and detecting fraud, alongside advanced technology and AI, Revolut is dedicated to combatting the growing threat of financial fraud with a comprehensive approach.
To address this threat, which saw over £1.12 billion lost to fraud in the UK in 2022, Revolut is investing in top-tier talent to fight fraud. The company disclosed that over one-third of its workforce is now focused on combating Financial Crime, with more than 2,500 FinCrime experts across six markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering. This represents a doubling in the size of Revolut’s FinCrime team since 2021. The company’s ongoing investment in fraud protection has yielded success, with over £200 million in potential fraud against its customers prevented in the past year.
In recent times, due to the increased sophistication of fraud prevention technologies used by businesses, fraudsters have shifted from ‘fraud’ to ‘scams.’ According to UK Finance data, there was an 18% decline in unauthorized fraud from 2021 to 2022, while Authorized Push Payment (APP) Fraud, accounting for 41% of all fraud losses in the UK in 2022, increased. Despite this industry-wide rise in scams, Revolut reported a 35% reduction in APP Fraud on its platform since June of that year.
Over the past year, Revolut reported a doubling in the number of scams initiated on the four major social media platforms, where two-thirds of all attempted Revolut fraud originates.
Revolut’s commitment extends to its ability to attract top-tier fraud talent, having received more than 77,000 job applications for roles in its FinCrime team. The company has successfully onboarded and continued to upskill FinCrime experts from leading financial institutions, including NatWest, TSB, Klarna, EY, and MUFG. Revolut’s experts bring a wealth of qualifications, market knowledge, and a diverse skill set to the table.
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