By allowing customers to communicate directly within the app, the new Revolut service aims to reduce the risk of fraudulent phone scam activities.
Revolut has introduced an in-app call feature to help users identify and expose common phone call impersonation scams where criminals pretend to be bank employees and convince victims to send them money directly or share sensitive payment details.
Impersonation scams often involve convincing fraudulent statements that something has gone wrong with your account or your money isn’t safe, and you must act immediately to prevent money loss. The sense of urgency puts you into a state of panic where you’re more likely to quickly do what they say without stopping to think.
Previously, checking the contact details of a phone number or email could help avoid scams. If the details didn’t match the official ones, it was likely a scam. However, scammers now use “spoofing” to make their contact info look identical to trusted organizations’ official numbers or emails. As a result, even if the phone number appears to match, it could still be a scam, leading to potential false security.
The new Revolut service allows users to directly contact customer support when they suspect a scam, helping to quickly flag fraudulent phone calls. This way, the firm aims to enhance security by making it easier for users to report suspicious activity and get assistance promptly. Besides, the feature provides a safe communication channel that criminals can’t replicate to make sure you’re speaking to support and the call is legitimate. It significantly reduces the chance of falling victim to scams.
Moving forward, most customer support calls in the company will be handled within the app. This feature first rolls out for individual customers but is set to expand to business customers soon, further enhancing security and streamlining communication.
This initiative is part of Revolut’s broader efforts to enhance security and provide better protection against scams, offering a more secure and efficient way for users to verify and report suspicious activities.
Revolut reports that impersonation scams targeting its customers are at their lowest in nearly two years despite significant growth in its customer base. The company, which now serves 50 million global users, including 10 million in the UK, has previously faced high levels of fraud-related complaints. For instance, in the second half of 2023, new customer complaints about fraud increased by 35%.
Globally, financial scams remain a major issue. International scammers have aggregately defrauded people of over $1 trillion in 2024 alone. Phone calls and text messages are still the most common ways for initial contact, though platforms like WhatsApp, Instagram, and Gmail are also widely used.
