rewrite this title Revolut Unveils Anti-Impersonation Scam Solution – Finovate

Challenger bank Revolut has launched new anti-impersonation functionality on its app to help its users avoid deepfakes and scams.

The new in-app identification feature works in real-time to let users know if they are receiving a call from a legitimate Revolut agent or a potential fraudster.

Founded in 2015, Revolut made its Finovate debut at FinovateEurope the same year. Nik Storonsky is Founder and CEO.

How confident are you that you can tell the difference between a genuine caller and an AI-powered deepfake impersonation? All the time? Most of the time? Some of the time?

According to a report from the National Library of Medicine, only 25% of people can accurately identify a deepfake voice, making impersonation scams that much more effective and turning voice calls into what it called “a critical vulnerability.”

In response, Revolut has unveiled its solution to the rising security challenge of AI deepfakes and impersonation scams. The company announced a new in-app identification feature that detects when users are in a call and verifies if the call is coming from a legitimate Revolut employee or a potential scammer, all in real time.

“As fraudsters adopt AI and advanced deepfake tools, we need to innovate fast to defend our customers and stay ahead of rapidly evolving fraud threats,” Revolut Product Owner Rami Kalai explained. “This new feature not only gives users real-time, contextual warnings in the moment they need them most, but also guides them to identify impersonation scams, providing clear, actionable steps to keep their money safe while the fraud attempt is happening.”

Revolut’s anti-scam solution is straightforward. When a user receives a call, they simply check their mobile Revolut app. If the call is legitimate, a banner or pop-up will appear to confirm that the call is from Revolut. If the call is not from Revolut, the pop-up will turn red and warn the user. At this point, the user can tap the pop-up to alert Revolut that they have received a potential scam call, and then hang up immediately. The technology is currently active for all Revolut customers using iOS devices. Customers using Android will need to specifically authorize the new functionality from the Security Hub.

The range of scam types is truly staggering, including purchase scams, investment scams, impersonation scams, job scams, romance scams, delivery scams, charity scams, rental scams, and triangle scams. Revolut’s new anti-impersonation feature is only the latest solution the company has deployed to help its customers deal with the growing threat of fraud and financial crime in recent years. Among these solutions are biometric verification to help prevent transfer mugging (in which a victim is coerced or threatened into transferring funds from their account to a fraudster) and advanced machine learning strategies to identify suspicious transactions.

A Finovate alum for more than a decade, Revolut first demoed its technology on the Finovate stage at FinovateEurope 2015. Today, the company boasts more than 65 million customers around the world—12 million in the UK alone—offering a range of banking services via its mobile app. Revolut retail and business customers have access to money transfer services, stock trading, a cryptocurrency exchange, current accounts, a pre-paid debit card, insurance, and more—as well as premium services available via subscription. Operating under a European banking license, and having licenses and approvals in Mexico, Australia, Japan, the UK (restricted) and the US (via partnerships), Revolut has a presence in more than 48 countries.

Headquartered in London, England, Revolut was founded in 2015. Nik Storonsky is founder and CEO.

Photo by Christian Gertenbach on Unsplash

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