Revolut, a U.K.-based fintech giant, has successfully prevented nearly $13.5 million in crypto losses for its customers through enhanced fraud protection measures in the last three months. The company’s proactive approach has significantly improved its crypto-specific security measures, leading to an increase in the amount of potential fraud it has prevented.
Earlier this year, Revolut launched its crypto-specific trading platform, Revolut X, in the UK. The company has installed advanced algorithms that 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 efficiently processing transactions for customers in real-time.
As a result, only one in 5,000 flagged transfers leads to account closure after a detailed review process, representing 0.02% of Revolut’s 45 million customers globally. Furthermore, Revolut has introduced an opt-in Wealth Protection feature utilizing biometric protections, including selfie verification cross-referenced with KYC information submitted during signup.
Woody Malouf, Revolut’s group head of financial crime and fraud, indicated that the company likely prevented $590 million in losses from potentially fraudulent transactions in 2023. According to Chainalysis, crypto-crime decreased by 20% across the board in the first two quarters of the year, despite a surge in reported cases of stolen funds and ransomware attacks.
This proactive approach reaffirms Revolut's commitment to safeguarding its customers in the evolving cryptocurrency landscape.
