Revolut Introduces New App Feature to Combat Impersonation Fraud
As part of its ongoing commitment to user security, digital banking firm Revolut has unveiled an innovative feature within its app designed to address the rising issue of impersonation fraud. This novel functionality is aimed at enhancing user security during phone interactions, a common avenue for fraudulent activities.
How Does the New Feature Work?
The new security feature works by detecting when a user opens the Revolut app while engaged in a phone call. This includes calls made through third-party calling applications. The system then verifies whether the call is with a legitimate Revolut agent.
Upon detecting a call, a notification appears within the app. If the system recognises that the conversation is with official Revolut support, the user will receive confirmation that the call is genuine. Conversely, if the system determines that the call is not with Revolut, an urgent warning message is displayed to the user.
Following the alert, users are presented with options detailing the next steps to take if they suspect fraudulent activity. This hands-on approach empowers users to act swiftly and effectively in the face of potential fraud.
Revolut’s Commitment to Security
This latest update is part of Revolut’s broader strategy aimed at preventing scams and unauthorised transactions. The company has introduced several other security measures this year, including in-app calling. This feature allows customers to communicate securely with company representatives, thereby eliminating the risk of impersonation over phone calls.
Other features such as Wealth Protection and Street Mode use biometric checks or delayed transfers in certain situations to ensure user security. Furthermore, Revolut employs machine-learning technology to assess and block suspicious transactions before money leaves a user’s account.
The new alert function is immediately available to all iOS users. Android users, however, need to activate it themselves via the Security Hub section of the app.
Staying Ahead of Fraud Threats
Rami Kalai, a product owner at Revolut, emphasized the company’s commitment to building a safer financial future. As fraudsters increasingly adopt AI and advanced deepfake tools, it’s crucial for institutions like Revolut to innovate rapidly to defend their customers and stay ahead of evolving fraud threats.
“This new feature not only gives users real-time, contextual warnings when they need them most, but it also guides them to identify impersonation scams providing clear, actionable steps to keep their money safe while the fraud attempt is happening”, Kalai said.
Revolut’s proactive approach to user security is a testament to its commitment to creating a safer financial ecosystem. The company’s strategies are clearly paying off, as evidenced by its recent secondary share sale, which valued the company at a staggering $75 billion.
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