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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank completes $12m trade finance deal
Wyelands Bank has provided a trade finance deal for Canon Garth worth up to $12m annually...
The UK's SME productivity challenge
There are many millstones hanging around the neck of Britain’s economy in early 2019...
Metro Bank, Starling and ClearBank awarded £280m of funding
Metro Bank has secured £120m in funding from Banking Competition Remedies Limited (BCR)...
Falcon Private Bank to discontinue UK operations
Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd...
Revolut CEO calls for specialised tech visas
Nik Storonsky, CEO at Revolut (pictured above), has called on the UK government to introduce specialised visas for technology professionals...
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...