Digital banking startup Revolut is hailing its recent introduction of disposable virtual cards for online purchases, claiming a 30% reduction in card fraud cases.
In March Revolut began letting customers create disposable virtual cards in seconds, with card details that automatically regenerate after every transaction. This means that, even if the credentials of a large online retailer are compromised, customers are protected as their card details are no longer in existence.
Nik Storonsky, CEO, Revolut, says: "The recent security breach at TicketMaster, where an unknown third-party managed to gain access to their customer’s personal information, was a sharp reminder to all of us here at Revolut as to why we prioritised the launch of disposable virtual cards."
Meanwhile, the bank is rolling out machine learning technology to boost its compliance efforts, applying personalised limits to customers based on their transactional activity. This means that individual risk ratings have been assigned to all of Revout's two million plus customers, who will begin to start to notice the existing limits being removed over the next couple of weeks.
"We are incredibly excited to launch the new state of the art dynamic risk scoring algorithm that is completely unseen in the finance industry. This will allow us to really focus our investigation efforts in targeting the suspicious activity and allow our normal users to use Revolut hassle free," says Alan Chang, VP, operations.