FinTech: Revolut Doubles Its Financial Crimes Headcount

October 17, 2023 | FinTech, News

We increasingly see fraud being perpetrated by sophisticated, organised and ruthless networks of criminals who target our customers primarily via social media platforms and use social engineering techniques.” – Aaron Elliot Gross, Revolut Head of Financial Crime and Fraud.

Revolut has significantly expanded its Financial Crime (FinCrime) department, doubling its headcount since 2021. This expansion is in response to the growing threat of financial fraud. In the face of over £1.12 billion in fraud losses in the UK in 2022, Revolut is investing in top-tier talent to combat this menace. Currently, more than a third of Revolut’s workforce is dedicated to fighting financial crime, with over 2,500 FinCrime experts across six markets, spanning various functions.

This represents a doubling in size compared to 2021, and the investment is paying off. Revolut has managed to prevent over £200 million in potential fraud over the past year, despite a 100% year-on-year increase in retail transaction volume.

As the fraud landscape evolves, with a shift from ‘fraud’ to ‘scams,’ Revolut remains ahead of the curve. While the UK saw an 18% decline in unauthorised fraud from 2021 to 2022, APP Fraud increased, accounting for 41% of all fraud losses in 2022. However, Revolut reported a 35% reduction in APP Fraud on its platform since June. This success is attributed to a holistic approach, combining technology, top fraud experts, and customer education.

Aaron Elliot Gross, Revolut’s Head of Financial Crime and Fraud, said it was essential to invest in top talent, data scientists, and cutting-edge AI technology to protect customers. The company’s focus is on safeguarding customers from sophisticated criminal networks that primarily use social media platforms and social engineering techniques for fraud. Revolut’s commitment extends to attracting top-tier fraud talent, with more than 77,000 job applications for FinCrime roles. Accordingly, the firm has onboarded experts from leading financial institutions, enriching their capabilities.

Related Story: Criminal Groups Exploit System Flaw To Defraud Revolut US Of $20M  

Image: Revolut Office

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