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Home»ADOPTION NEWS»Revolut prevented customers from losing $13.5 million in cryptocurrency through anti-fraud measures.
ADOPTION NEWS

Revolut prevented customers from losing $13.5 million in cryptocurrency through anti-fraud measures.

By Crypto FlexsOctober 8, 20242 Mins Read
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Revolut prevented customers from losing .5 million in cryptocurrency through anti-fraud measures.
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UK-based fintech giant Revolut said it has prevented customers losing about $13.5 million in cryptocurrency over the past three months through improved fraud prevention measures.

“The company’s proactive approach has led to significant increases in recent cryptocurrency-related security measures, resulting in an increase in potential fraudulent activity,” the company said in a statement on Tuesday.

The company, which launched specialist cryptocurrency trading platform Revolut

These algorithms are designed to efficiently process customers’ transactions in real time while complying with anti-fraud and anti-money laundering regulations, Revolut said.

Therefore, only 1 out of 5,000 reported transfers undergo a more in-depth review process and result in account closure. This represents 0.02% of Revolut’s 45 million customers worldwide.

Revolut has also launched an opt-in asset protection feature that uses biometric protection, including selfie verification, which is cross-referenced with the user’s KYC information submitted during the sign-up process.

Woody Malouf, head of Revolut’s financial crime and fraud group, added that the company is likely to prevent $590 million in losses from potentially fraudulent transactions in 2023.

Chainalysis estimates that despite the surge in cryptocurrency crime, there was an overall decline of 20% in cryptocurrency crime in the first two quarters of this year. Report of theft of funds And ransomware attacks.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Daniel Kuhn is a senior journalist and editor at The Block, covering the cryptocurrency industry with a particular focus on technology. He previously served as Associate Editor for Opinion/Features at CoinDesk. He was first published in the trade publication Financial Planning. Before journalism, I studied philosophy as an undergraduate, English literature as a graduate student, and business and economics reporting in NYU’s professional program. Connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb.

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