Monday 23 September 2019

Revolut fights card scams with AI tech

Revolut
Revolut
Louise Kelly

Louise Kelly

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.

Irish Independent

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