Revolut, the global financial app with more than 40 million customers worldwide, has directly issued a fraud warning to more than 2 million of its customers in Ireland, cautioning those looking to boost their income that job-related scams are on the rise — and advising them on how to stay ahead of these sophisticated job scams.
Amid the rising cost of living, sophisticated scammers are taking advantage, warns Revolut. According to its inaugural Financial Crime and Consumer Security Insight Report, the global financial app found that while just 1% of fraud victims in the country were subject to job scams in 2023, 15% of the total sum lost to fraud in Ireland — second only to investment scams (53%) — was caused by people falling for false job opportunities in a bid to boost their income.
This form of authorised fraud sees scammers post fake job openings either online or by reaching out directly to victims via messaging apps, posing as employers or recruiters. As part of the phoney application process, scammers either request money upfront or require personal financial information to defraud the victim. Common tactics include asking people to pay for training, administration costs, or setup fees, or to purchase required equipment, such as a laptop or a mobile phone. This poses a notable risk for those entering the job market for the first time after school or college, people struggling with the cost of living, or those looking to get back to work.
Revolut’s report also found that job scams had increased globally over the course of 2023 — the most of any type of scam. In Q1 2023, job scams represented only 1% of Revolut’s global fraud cases, as well as just 1% of the overall value of all money lost to fraud. However, by Q4 2023, these figures rose to 12% of all cases and 21% of the overall value lost to scams, increasing 1,200% and 2,100% respectively.
Based on extensive internal research and data analysis for 2023, the report aims to shed light on the growing scam and fraud industry across the globe, and provide tangible watch-outs for everyday people to help them protect themselves. Among the findings, Revolut revealed that in 2023, the company is estimated to have prevented over €550 million in fraud losses, up 130% from 2022. This was largely thanks to its proprietary fraud detection system, which deploys cutting-edge machine learning and artificial intelligence methodologies.
Woody Malouf, Head of Financial Crime at Revolut, commented: “Having harnessed data from more than 500 million transactions per month, our dedicated fraud intelligence team has observed the evolution of job opportunity scams that prey on unsuspecting job hunters. Given the cost of living and high inflation, the number of reported job scams has dramatically increased. Sadly, criminals prey on those seeking a legitimate way to better their income, particularly young and often inexperienced job seekers. Our customers’ security is of paramount importance to us so please pay heed to this warning; we work tirelessly to identify patterns and spot unusual activity, helping our customers to stay ahead of emerging scam trends.”
Revolut’s advice to stay one step ahead of scammers:
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Observe our warnings. Our proprietary AI systems never sleep. They scan more than 10,000 transactions per minute and flag suspicious transactions in just a few seconds.
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Stay alert. Always question things that seem too good to be true.
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Trust your instincts. If something feels off, take a step back and investigate by doing your own research.
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Be extra cautious. Use secure channels. Stick to trusted websites and platforms for transactions.
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Report suspicious activity. If something seems suspicious, let Revolut know — we’re here to help 24/7, directly from the app.
To read the full Financial Crime and Consumer Security Report 2023 and learn more about Revolut’s fraud prevention efforts, visit here.
For more information, visit www.revolut.com/en-IE.