As Black Friday and Cyber Monday approach, Revolut is raising awareness among Irish consumers about the heightened risk of online shopping scams. David Eborne from Revolut highlights the dangers of deceptive websites and social media ads designed to harvest personal data and sell counterfeit goods. In response to these threats, he advocates for the use of Revolut's single-use virtual disposable cards, which become invalid after a single transaction, enhancing security for online shoppers.
Last year during the same sales events, these virtual cards were used in over 30,000 transactions in Ireland, with more than €1.5 million spent. This surge in usage reflects consumer concerns over online fraud, especially during high-traffic shopping periods.
Despite a significant industry-wide increase in financial crimes totaling €84.6 million in 2022, Revolut's proactive measures have been effective in thwarting fraudulent activities. The company's dedicated fraud prevention team has prevented more than €220 million in potential fraud through vigilant monitoring of high-risk transactions. Additionally, Revolut has seen a 19% decline in authorized push payment scams due to its stringent security protocols.
To further assist customers, Revolut provides a dispute resolution process through its app for cases involving misrepresented purchases. As shoppers gear up for the upcoming discount days, Eborne's warning serves as a reminder to stay vigilant and use secure payment methods to protect against increasingly sophisticated online scams.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.