Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Revolut prevented $13.5 million in crypto losses for customers via fraud protection measures

Revolut prevented $13.5 million in crypto losses for customers via fraud protection measures

The BlockThe Block2024/10/06 16:00
By:The Block

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.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Significant Bitcoin, Ethereum and Litecoin Move by US Giant Company

A major US company has announced that it will now accept various cryptocurrencies, including Bitcoin, from its customers.

Bitcoinsistemi2024/11/02 17:11

Analysis Company Makes Prediction for Bitcoin After the US Election: “Even If Donald Trump Wins…”

Cryptocurrency analysis company QCP Capital made a new future prediction for the Bitcoin price in its statement.

Bitcoinsistemi2024/11/02 17:11

What Will Happen to Sued Altcoins If SEC Chairman Changes After US Elections?

If Donald Trump becomes the US President and the SEC Chairman changes, what will be the future of the altcoins that have been sued?

Bitcoinsistemi2024/11/02 17:00

AAVE breaks above $140

Cointime2024/11/02 16:11