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.
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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.