- When asked if they are confident they would be able to spot a fake website / deal if they see one, 48% of Singaporeans surveyed said they are not confident or they don’t know.
- 85% of Singaporeans surveyed are worried about the security of their money when they make online purchases.
- In response to the rising threat of fraud globally, since 2021, Revolut has doubled its Financial Crime (FinCrime) headcount. Today, more than a third of Revolut employees worldwide are dedicated to fighting fraud and financial crime
- Revolut has successfully prevented more than £200M (appx S$335m) in potential fraud in the last 12 months despite a 100% YoY increase in retail transaction volume
Singapore, 23 October 2023– Revolut, the global financial superapp with more than 35 million customers worldwide, recently conducted a survey with research company Dynata on a representative sample of 1000 Singaporeans aged 18-65+, which revealed that over 20% (1 in 5) of Singaporeans have experienced some kind of fraud when shopping online in the last six months. Young people aged 18-34 years old were the most affected group (52%) while seniors aged 55 – 65+ were the least affected group (14%).
The most common fraud while shopping online was buying a product that never arrived. Other popular types of fraud included fake websites which stole customers’ card details and used them to make some purchases as well as being contacted by fraudulent sellers who ended up stealing customers’ money.
When asked if they are confident they would be able to spot a fake website / deal if they see one, 48% of Singaporeans surveyed said they are not confident or they don’t know. It is interesting to note that men are more confident than women with 57% responding that they are confident they would be able to spot it compared to just 47% of women.
85% of Singaporeans surveyed are also generally worried about the security of their money when they make online purchases. Research has also shown that Singaporeans are the most susceptible to fraud with it costing the average Singaporean S$1648.52 per year in fraudulent financial charges.
Revolut Invests in Fraud Talent
In response to the rising threat of fraud globally, Revolut is investing in world-class talent to help tackle this issue. Data disclosed by the company revealed more than a third of Revolut’s workforce is now dedicated to fighting Financial Crime, with over 2,500 FinCrime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering. This represents a doubling of Revolut’s FinCrime team’s size since 2021. Revolut’s continued investment in fraud protection is proving successful, with the company having prevented more than £200m (appx S$335m) in potential fraud against its customers in the last 12 months.
Staying ahead of the shift
In recent times, due to the increased sophistication of fraud prevention technologies used by businesses, fraudsters are shifting from ‘fraud’ 2 to ‘scams’ 3 . Recent data released by the Singapore Police Force revealed a 64.5% increase in the number of scam victims in the first half of 2023 (22,339) compared to the same period last year (13,576). More than half (55%) of the victims lost up to S$2000 4 . Despite this industry rise in scams, Revolut has demonstrated success in staying ahead of criminals; having today reported a 35% reduction to Authorised Push Payment (APP) Fraud on its platform since June this year.
Aaron Elliot Gross, Revolut Head of Financial Crime and Fraud, said: “At Revolut, we are 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 our 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. 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. We also continue to invest in cutting edge artificial intelligence technology to detect unusual payment activity and protect our customers.”
Revolut has reported a doubling in the number of scams beginning on social media platforms where currently two thirds of all Revolut fraud is initiated.
Revolut’s commitment extends to its ability to attract top-tier fraud talent having received more than 77,000 job applications for roles in its FinCrime team. The company has successfully onboarded, and continued to upskill, FinCrime experts from leading financial institutions. In Singapore, these include JPMorgan Chase, Citi, CIMB, Deutsche Bank and HSBC. Revolut’s experts bring a wealth of qualifications, market knowledge, and a diverse skill set to the table.
We are building the world’s first truly global financial superapp. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, 35 million customers around the world use dozens of Revolut’s innovative products to make more than 400 million transactions a month. Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.
In Singapore, Revolut Technologies Singapore Pte. Ltd. (“RTS”) is regulated as a Major Payment Institution (licence no. PS20200326) since October 2020. For more details, you can refer to the MAS website here. RTS also offers a precious metals product which is not regulated under the Payment Services Act.
Revolut Securities Singapore Pte. Ltd. (“RSS”) is regulated as a Capital Markets Services licensee by the Monetary Authority of Singapore (“MAS”) since November 2021. For more details, you can refer to the MAS website here.