Revolut fights card scams with AI tech
Fintech firm Revolut has invested in machine-learning technology to fight card fraud and money laundering.
The London-based firm, which markets itself as a digital bank alternative, has worked to boost its data science and engineering functions to identify anomalies in card usage. The aim was to establish a process that identifies 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.
Revolut has more than 100,000 customers in Ireland, with 40pc using Revolut as their primary spending card.