Fintech Revolut has added an extra security feature to its app in a bid to combat scam calls aimed at defrauding its users.
The new feature is designed to protect users from “impersonation scams” trying to fool users into transferring money to a “safe” account, share sensitive data, or approving fraudulent transactions in the app.
Impersonation scams try to trick victims into believing that they are on a legitimate phone call with a trusted financial institution or person.
The in-app protection detects when customers are on a call and identifies if it is coming from a Revolut number. If not, it alerts users in the app via a banner at the top of the screen, giving them real-time warnings. Tapping the banner brings up a page offering advice on what to do if you suspect a call is fraudulent, along with an easy way to report it.
READ MORE
The feature detects calls received outside the standard phone app too, covering apps that allow voice calls.
The move comes as consumers face an increasing number of AI-generated deepfake scams and sophisticated social engineering tactics to try to trick them into sharing confidential information. Revolut, which has more than 3 million customers in Ireland, did not say how much its Irish customers have lost to fraud in recent months.
“With more than 75 per cent of the adult population in Ireland using our services, we have a responsibility to ensure that every one of them feels secure and empowered when using our app,” said Malcolm Craig, general manager at Revolut Bank’s Irish branch.
“This new feature provides an essential layer of clarity, removing any guesswork, and protects our customers from increasingly predatory social-engineering tactics.”
Revolut, which has more than 65 million users worldwide, said it prevented more than €700 million in losses to its customers through anti-fraud measures it has put in place. That includes enhanced machine learning to detect and block risky transactions, and a “street mode” that implements biometric verification and delays for money.
Consumers with iPhones have the feature enabled automatically; those using Android must authorise the feature from in the app’s security hub.
