Fintech leader Revolut has launched in-app calls to better protect its retail customers from impersonation scams, a common fraud tactic where criminals pretend to be representatives from a bank or financial institution to extract sensitive information or money.
How In-App Calls Work
This app-native feature provides a secure communication channel for customers to verify the identity of Revolut customer support agents.
- Key Benefits:
- Ensures all calls from Revolut staff to customers are conducted directly within the app.
- Offers peace of mind that customers are speaking to verified representatives, significantly reducing the chances of falling victim to scams.
- Future Expansion: The feature will soon be extended to business customers.
Customer Guidance
According to Woody Malouf, Head of Financial Crime at Revolut:
- If customers receive a call claiming to be from Revolut but it’s outside the app, they should end the call immediately and verify it through the app.
- Speaking to representatives in-app guarantees that they are communicating with Revolut, not fraudsters.
Impact and Context
Revolut has reported significant success in reducing impersonation scams, which are now at their lowest level in nearly two years, even as its user base grows.
- The company currently serves 50 million global customers, including 10 million in the UK.
- However, Revolut has faced scrutiny in the past. In October, the BBC reported that the firm accounted for more fraud complaints than any major High Street bank during the previous financial year, with nearly 10,000 reports to Action Fraud.