Revolut, the global FinTech with over 50 million customers, has released its third Consumer Security and Financial Crime Report, revealing the rapidly evolving tactics of fraudsters globally. The report highlights that criminals are increasingly turning to encrypted messaging services to exploit victims, with the proportion of fraud originating on WhatsApp and Telegram rising steeply in the second half of 2024. Despite this shift, Meta platforms (Facebook, Instagram, WhatsApp) collectively accounted for 54% of all scams reported to Revolut globally, marking the third consecutive reporting period where Meta has held this position.
Revolut takes fraud and the industry-wide risk of customers being coerced by organised criminals, incredibly seriously, and in 2024 alone, Revolut prevented over £600 million in potential fraud against its customers. The business continually enhances security features, this year launching in-app calls to help customers quickly expose impersonation scams, as well as implementing real-time AI fraud detection systems, transaction limits, biometric authentication requirements and providing educational resources to help consumers stay informed about potential risks.
Revolut’s Head of Financial Crime, Woody Malouf, said: “Fraudsters are rapidly adapting their tactics, increasingly exploiting supposedly secure encrypted messaging apps like WhatsApp and Telegram. Yet, despite repeated calls from Revolut and other financial institutions, social media platforms are failing to address the fraud plaguing their users, and their inaction is not just negligent; it’s a direct enabler of financial crime. We need immediate, decisive action, not empty promises.”
