Online bank Revolut claims to have successfully prevented more than €220m in potential fraud in the last 12 months.
The banking and payments app also reported a 35% reduction to authorised push payments (APP) fraud on its platform since June this year.
Revolut said today the number of people working in its Financial Crime division has doubled its size since 2021 and more than a third of Revolut employees are now dedicated to fighting fraud and financial crime.
The fintech said it now has over 2,500 FinCrime experts across six markets and they look at key functions such as product development, data science, customer support, operations, and anti-money laundering.
It also noted that it has received more than 77,000 job applications for FinCrime roles since November 2022.
Revolut said that cross the industry, fraudsters stole €84.6m through frauds and scams in 2022, an increase of 8.8% on 2021.
It also said it has taken a new approach to raise awareness of scams with its customers with the launch of a new free course in September.
The course includes five lessons - an introduction to fraud, purchase scams, investment scams, impersonations scams, and account takeover fraud.
Each lesson includes materials explaining the different types of fraud, how customers can protect themselves, and share examples of how these scams can take place, drawing on real-life examples. Customers can then test what they have learnt, completing the lesson.
Aaron Elliot Gross, Revolut Head of Financial Crime and Fraud, said Revolut is focused on a data-driven and holistic approach to customer protection which brings together industry-leading technology, top fraud experts and new ways of educating its customers about how to protect themselves from scams.
"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 (such as romance scams or investment scams) to convince them to make payments," he said.
"In order to stay ahead of the curve, we are committed to investing in top talent in this space, including expert anti-financial crime professionals, talented data scientists and front-line staff to provide support to customers who do fall victim to fraud," he stated.
"We also continue to invest in cutting edge artificial intelligence technology to detect unusual payment activity and protect our customers," he added.
