An increasing number of investigations in the United Kingdom involves financial transactions using Revolut. The company claims the Revolut app is "The UK's fastest growing financial super app" and it is now available in the United States.
The financial app lets users "Exchange, send and receive 28 currencies in seconds" and the company states they have more than 10 million customers around the world.
This capability gives digital forensic investigators the ability to uncover digital evidence related to financial crimes and tie transactions to user actions. The robust capabilities of ADF forensic software empowers field investigators to uncover fincrime starting at the scene of the crime.
Revolut lets users open multi-currency accounts in just a few minutes without a credit check. Users simply make a deposit as small as $20 and can then send and receive dozens of currencies including USD, EUR, CAD and MXN.
Who commits financial crime?
According to the International Compliance Association, "there are seven groups of people who commit the various types of financial crime:
- Organised criminals, including terrorist groups, are increasingly perpetrating large-scale frauds to fund their operations.
- Corrupt heads of state may use their position and powers to loot the coffers of their (often impoverished) countries.
- Business leaders or senior executives manipulate or misreport financial data in order to misrepresent a company’s true financial position.
- Employees from the most senior to the most junior steal company funds and other assets.
- From outside the company, fraud can be perpetrated by a customer, supplier, contractor or by a person with no connection to the organisation.
- Increasingly, the external fraudster is colluding with an employee to achieve bigger and better results more easily.
- Finally, the successful individual criminal, serial or opportunist fraudsters in possession of their proceeds are a further group of people who have committed financial crime."
ADF mobile phone forensic software is designed for investigators to leverage the power of Artificial Intelligence (AI) and Machine Learning (ML) to quickly and easily collect evidence from iOS and Android phones and tablets.