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Revolut reports 30% reduction in card fraud cases

Theo Osborn | 07:29 Wednesday 1st August 2018

Revolut has announced a 30% reduction in card fraud cases since the introduction of its disposable virtual cards in March.

The fintech’s disposable card system is aimed at customers who frequently make one-off online card purchases.

The details connected with the cards are instantly destroyed as soon as a payment has been processed.

New details are then automatically generated within the app.

Nik Storonsky, CEO at Revolut (pictured above), said: “We believe that it’s our duty to use innovative technology to create new ways to protect our customers against fraud, and these new figures show that it’s working.”

Revolut has also announced the launch of a new machine-learning technology for detecting compliance-related crime.

The new risk model can profile external parties, such as individual bank accounts, ATMs and e-commerce merchants.

This will allow the fintech to detect, analyse and lock down any complex transaction patterns and networks potentially related to criminal activity, including money laundering and terrorist financing.

Risk ratings have also now been applied to all Revolut customers.

The algorithm will apply personalised limits to customers based on their transactional activity.

This also means the bank will remove arbitrary account limits, and existing limits are being removed in the coming weeks.

Alan Chang, VP of operations at Revolut, claimed: “We are incredibly excited to launch the new state-of-the-art, dynamic, risk-scoring algorithm that is completely unseen in the finance industry. 

“This will allow us to really focus our investigation efforts in targeting the suspicious activity and allow our normal users to use Revolut hassle free.”

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