Fraudsters are increasingly deploying AI and advanced deepfake tools to deceive the public, Revolut has warned, as online banks launch new initiatives to prevent identity fraud.
The in-app feature, which targets what the company calls “one of the most sophisticated types of fraud,” will allow Revolut to tell users on a call whether they are actually talking to Revolut.
Malcolm Craig, general manager of Revolut Ireland, said: “We have a responsibility to ensure everyone feels safe and empowered when using our app.”
“This new feature provides critical clarity, eliminates guesswork, and protects customers from increasingly predatory social engineering tactics.”
Revolut says the feature also includes an app that enables voice calls, helping customers quickly take appropriate action to report fraudulent activity and keep their funds safe if they are targeted.
The bank said criminals are finding new ways to use AI-generated deepfake audio and “increasingly sophisticated social engineering tactics” to trick customers into believing they are talking to the bank or someone they trust.
These scams trick victims into thinking they are making a legitimate call to a trusted financial institution or person, convincing them to transfer money to a “secure” account, share sensitive data, or authorize a fraudulent transaction.
When the app detects that a customer is on a call, a live in-app banner can be displayed to identify if the call is from another number and provide advice.
“Taping the red warning banner will notify users that they are no longer on a call with Revolut and will direct them to actionable protection paths based on what is happening,” the company said.
“This real-time context system provides an additional layer of defense against impersonation attempts that occur during calls, a scenario where victims are most vulnerable when caught off guard and under pressure.”
This new feature is currently rolling out to all Revolut users with Apple devices, but Android users will need to pre-authorize the feature via the in-app Security Hub.
The announcement comes after Ireland's main banks issued repeated warnings about fraud between Christmas and New Year.
Bank of Ireland announced last week that its anti-fraud team responded to more than 10,000 calls, including 400 calls during the Christmas peak.
The busiest day during the holiday period was Dec. 22 with 2,375 calls from customers, followed by Dec. 23 with 1,985 calls and St. Stephen's Day with more than 800 calls. New Year's Eve was also busy with more than 1,650 calls to prevent fraud.
Meanwhile, AIB said the most common scams reported by customers last year included text message scams, scammers posing as bank employees and romance scams.
“Fraudsters are constantly changing their tactics, making fraud more difficult to detect than ever,” said Mary McHale, the company's head of financial crime.
