Several banks have approached Revolut to buy its new fleet of machine learning technology, according to its founder and CEO Nik Storonsky (pictured above).
The fintech company has reported that the technology has already resulted in a fourfold reduction in card fraud.
The state-of-the-art technology is able to develop deep insights and predictions around customer behaviour to identify new card fraud patterns without human intervention.
Revolut is able to automatically freeze card payments if a customer’s payments drastically deviate from their usual spending habits.
Users must then verify within the app that it is actually them using the card.
The system primarily tackles common cases, such as e-commerce payments, card cloning and card theft.
Revolut has also just launched new technology for detecting money laundering with a model that calculates a risk score for each user.
Nik said: “I speak with banks all the time, and several of them have already approached us with offers to buy this technology.
“What we can accurately display in 10 minutes would typically take a large bank over an hour to establish with their current manual processes.
“If you’re on a mission to reach tens of millions of customers and scale your business globally, then you cannot rely solely on manual, human processes to effectively protect your customers against financial crime, especially as criminals are becoming more savvy in their tactics.”
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