Revolut launches feature to prevent scams as it warns of increased use of AI by fraudsters
Revolut Call Identification feature
Fraudsters are increasingly adopting AI and advanced deepfake tools to deceive the public, Revolut has warned, as the online bank launched a new initiative to help prevent impersonation scams.
The in-app feature aimed at what the company called “one of the most sophisticated types of fraud” will allow Revolut to let users on a phone call know whether they are actually talking to Revolut or not.
"We have a responsibility to ensure that every one of them feels secure and empowered when using our app,” Revolut Ireland branch general manager Malcolm Craig said.
“This new feature provides an essential layer of clarity, removing any guesswork, and protects our customers from increasingly predatory social-engineering tactics.”
Revolut said the feature also includes apps that allow voice calls which will help customers promptly take the right action and report attempted fraud, and keep their funds safe if they are being targeted.
Criminals are finding new ways to convince customers they are speaking to a bank or somebody they trust, using AI-generated deepfake voices and “increasingly sophisticated social-engineering tactics", according to the bank.
Such scams trick victims into thinking they are on a legitimate phone call with a trusted financial institution or person, persuading them to move money into “safe” accounts, share sensitive data or approve fraudulent transactions.
A live in-app banner will appear when the app detects the customer is on a phone call, and can identify if the call is coming from another number and provide advice.
“Tapping on the red warning banner, which informs users that they are not on a phone call with Revolut, then leads customers to actionable protection pathways based on what is happening,” it said.
“This real-time contextual system provides an additional layer of defence against impersonation attempts that occur during phone calls — a scenario where victims can be caught off guard and are most vulnerable under pressure.”
The new feature is now live for all Revolut users with an Apple device, while Android users will need to proactively authorise the feature from their security hub in the app.
It comes after the main pillar banks in Ireland repeated warnings about fraud over Christmas and into the new year.
Last week, Bank of Ireland said its fraud prevention team supported over 10,000 calls during the peak holiday period, including 400 calls on Christmas day.
Over the holiday period, it said the busiest day was December 22 with 2,375 calls received from customers, followed by 23 December on 1,985 calls and over 800 calls received on St Stephen’s Day. New Year’s Eve was also busy for fraud prevention with over 1,650 calls.
AIB, meanwhile, said the most common frauds reported by customers last year included text message fraud, fraudsters posing as bank staff, and romance scams.
“Fraudsters are constantly adapting their methods, making scams harder to spot than ever before,” its head of financial crime Mary McHale said.
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