Revolut uses machine learning tech to protect customers against 'savvy' card fraud crime
Revolut has invested in machine learning technology in order in the fight against card fraud and money laundering.
The fintech firm is using computational techniques, employing algorithms to give them the information to better protect their customers.
Revolut currently serves more than 100,000 customers in Ireland, with 40pc using Revolut as their primary spending card at home and abroad.
The digital banking alternative said that its new fleet of machine learning technology has already seen a fourfold reduction in card fraud.
"I speak with banks all the time, and several of them have already approached us with offers to buy this technology," Revolut CEO and founder Nik Storonsky said.
"What we can accurately display in ten minutes would typically take a large bank over an hour to establish with their current manual processes."
In the last year, London-based Revolut has worked to scale its data science and engineering functions to identify anomalies in card usage.
The aim was to establish a process that works by identifying new card fraud patterns, offering a greater degree of accuracy, without explicit human intervention.
Tested by Revolut over the last two months, the anti-fraud system detects suspicious activity in real-time, based on abnormal spending behaviour.
The online bank is then able to automatically freeze card payments until a customer verifies from within the app that it is actually them.
This means that the customer avoids having to go through a lengthy security process in order to get their account unblocked.
Revolut has seen a fourfold reduction in card fraud levels since officially putting the new system in place in early August.
"If you’re on a mission to reach tens of millions of customers and scale your business globally, then you cannot rely solely on manual human processes to effectively protect your customers against financial crime, especially as criminals are becoming more savvy in their tactics," he said.
Revolut has now signed up three million customers in Europe and is opening 250,000 new current accounts each month.