Revolut Releases Crime and Consumer Security Report

FILE PHOTO: Woman holds smartphone with Revolut app in front of displayed Revolut logo in this illustration taken February 4, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

A 2024 report reveals a sobering truth: scams are draining significant sums from global citizens, underlining the urgent need for constant vigilance. Revolut, the renowned global financial app, unveiled in April its inaugural Financial Crime and Consumer Security Report, providing shine a light on the escalating scam and fraud landscape globally, 

The report unveils a stark reality: scams drained over USD 1 trillion from global citizens in 2022, per the findings from the Global Anti-Scam Alliance & ScamAdviser’s Global State of Scams report. In 2023, this trend persisted, with fraudulent activities evolving rapidly, employing increasingly sophisticated techniques to extract sensitive account details and personal information for illicit gains.

Financial criminals have honed their tactics, utilizing deceptive websites, intricate payment chains, and social engineering attacks to lure unsuspecting victims into their traps. The report delves into the nuances of unauthorized fraud, which involves illicit access to your account without your permission, and authorized fraud, which includes deceptive practices that convince you to authorize payments you didn’t intend to make.

Unauthorized Fraud Trends

Card Fraud accounts for 98% of all fraud cases, with phishing attacks being a common tactic. Rest assured, Revolut’s virtual disposable cards offer heightened protection, significantly reducing fraud rates compared to traditional cards. Physical Theft, a form of unauthorized fraud, affected only 1% of victims, but it accounted for 39% of all unauthorized fraud losses in 2023. Fraudsters operate within structured criminal networks, employing meticulous techniques to capture passcodes and personal data. Vigilance and caution, especially when entering PIN codes, are paramount to mitigate this risk.

Authorized Fraud Trends

  • Job Scams: Surging over 1200% in 2023, targeting young individuals seeking employment opportunities.
  • Investment Scams increased by 142% last year, often enticing victims with cryptocurrency investment opportunities promising high returns.
  • Purchase Scams remain the most prevalent type, constituting 63% of all reported scams in 2023 yet accounting for less than 15% of the overall value lost.

Keep your social media security top-notch by remaining vigilant against online fraud and prioritizing account privacy. Dive into cyber consumer concerns and master protection practices with our interactive mobile app, FRAUDSTER. This app provides real-time scam alerts, educational resources, and interactive training modules to help you stay one step ahead of fraudsters. It’s available on both Apple and Android devices. Explore more at Already using FraudsterApp? Enhance your self-protection skills with just a tap on the training icon.

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Terry Cutler

I’m Terry Cutler, the creator of Internet Safety University, an educational system helping to defend corporations and individuals against growing cyber threats. I’m a federal government-cleared cybersecurity expert (a Certified Ethical Hacker), and the founder of Cyology Labs, a first-line security defence firm headquartered in Montréal, Canada. In 2020, I wrote a bestselling book about the secrets of internet safety from the viewpoint of an ethical hacker. I’m a frequent contributor to National & Global media coverage about cyber-crime, spying, security failures, internet scams, and social network dangers families and individuals face daily.