Revolut prevented $13.5 million in crypto losses for customers via fraud protection measures
Quick Take
- The U.K.-based fintech giant has prevented nearly $13.5 million in crypto losses via enhanced fraud protection measures in the past three months.
U.K.-based fintech giant Revolut said it prevented nearly $13.5 million in crypto losses for customers via enhanced fraud protection measures in the past three months.
“The company’s proactive approach has seen it significantly enhance its crypto-specific security measures recently, which has led to an increase in the amount of potential fraud it has prevented,” the company wrote in a statement on Tuesday.
The company, which launched its crypto-specific trading platform Revolut X in the UK earlier this year, said it installed “advanced algorithms” that have flagged 8% of transfers as potentially suspicious between June and September.
These algorithms are designed to comply with fraud prevention and anti-money laundering regulations while also efficiently processing transactions for customers in real time, Revolut said.
Accordingly, only one in 5,000 flagged transfers lead to account closure following a more in-depth review process. That represents 0.02% of Revolut’s 45 million customers globally.
Further, Revolut has rolled out an opt-in Wealth Protection feature that uses biometric protections, including selfie verification cross-referenced with a user’s KYC information submitted during the signup process.
Woody Malouf, Revolut’s group head of financial crime and fraud, added that the company likely prevented $590 million in losses from potentially fraudulent transactions in 2023.
Chainalysis estimates that crypto-crime was down 20% across the board in the first two quarters of the year despite a surge in reported cases of stolen funds and ransomware attacks.
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