Revolut's Fraud Measures Save Customers $13.5M in Crypto Losses

2024-10-07 18:45:00

Hackers Revolut

The platform said it is enhancing transaction monitoring to combat fraud, with 92% of transactions processed instantly and 8% undergoing further review. Last updated:

October 7, 2024 22:45 EDT

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

October 7, 2024 22:45 EDT

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Revolut, having launched its independent crypto exchange in the UK earlier this year, said it is committed to ensure that funds do not exit customers’ accounts.

Crypto hackers stole an estimated $409m in the third quarter of 2024, according to Immunefi. This highlights ongoing risks for both centralized and decentralized platforms, as several prominent exchanges and protocols experienced major breaches.

Fraud Prevention with Biometric Security for Crypto Withdrawals

When users initiate a crypto transfer on Revolut, the platform’s algorithms actively monitor transactions in real time. Legitimate transfers are processed quickly, and in 2024, 92% of these transactions have been completed without any additional input. However, the remaining 8% undergo further checks to comply with fraud prevention and anti-money laundering rules.

As a result, fewer than 0.02% of transactions, or 1 in 5,000, lead to account termination after review.

Further, Revolut’s Wealth Protection feature adds optional biometric security for crypto traders. Once enabled, withdrawals require a selfie verification, compared to the original KYC selfie, providing two layers of biometric checks for added security.

“We follow strict financial regulations to create a secure environment for all of our customers’ crypto transactions,” said Emil Urmanshin, Revolut’s Director of Crypto & New Bets.

“This starts from the second they sign up — from monitoring patterns in suspicious activity to identity checks, and using two-factor authentication.”

Revolut Poised to Launch Its Own Stablecoin

Revolut is reportedly gearing up to introduce its own stablecoin, setting the stage to rival major industry players. This move sees the London-based firm deepening its engagement in the crypto arena, alongside companies like PayPal, Ripple and BitGo.

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