Revolut blocks over $621M in suspicious transfers in 2023

Digital banking platform Revolut has reported that it blocked $621 million in suspicious cryptocurrency and fiat transfers during 2023.

Serving more than 45 million customers and managing $23.7 billion in assets, Revolut has implemented security measures to protect its users.

Revolut employs security protocols, such as two-factor authentication and monitoring systems, to detect suspicious activity.

The company stated, “In 2023, we took action on $621 million in potentially fraudulent cryptocurrency and fiat transactions. We take security seriously, which is why we have protections that monitor suspicious activities and utilize two-factor authentication.”

Account closures due to fraudulent transfers remain low, with only 0.02% of transfers resulting in closures.

“Only one in every 5,000 transfers leads to an account closure after further review,” Revolut clarified.

Since introducing Bitcoin services in December 2022, Revolut has expanded its cryptocurrency offerings to include more than 30 digital assets, including stablecoins like USDC (CRYPTO:USDC).

The platform has also increased withdrawal limits, allowing users to withdraw up to £250,000 daily and £1 million monthly in most regions.

Revolut monitors transactions using algorithms designed to flag unusual activities.

Investigations may be initiated if potential criminal activity, money laundering, or transactions with sanctioned addresses are detected.

The company also provides 24/7 support to assist with any issues related to security or account concerns.