Revolut Prevents $13.5 Million in Potential Crypto Fraud

Revolut Blocks Nearly $13.5 Million in Potential Crypto Fraud

In a significant move to safeguard its users, fintech giant Revolut has successfully blocked nearly $13.5 million in potentially fraudulent cryptocurrency transfers between June and September 2024. The London-based neobank, which launched its crypto exchange “Revolut X” earlier this year, has intensified its security measures to prevent fraudulent activities before they affect customers.

Enhanced Security Measures

Revolut has implemented a robust system that leverages real-time monitoring and advanced algorithms. So far in 2024, approximately 92% of crypto transactions have been processed without requiring user intervention. For the remaining 8%, additional checks have been deemed necessary to ensure compliance with fraud prevention, anti-money laundering regulations, and other safeguards.

“Only 1 in 5,000 transfers leads to account closure after further review — that’s less than 0.02%,” said Revolut.

Industry-Wide Fraud Concerns

The FBI’s Internet Crime Report recently highlighted that nearly $4 billion were stolen in fraudulent crypto transfers in 2023, emphasizing the widespread nature of the issue. Revolut, which serves over 45 million customers, reported that it saved an estimated $590 million across crypto and fiat transactions from potential fraud in 2023.

Commitment to Security

Emil Urmanshin, Revolut’s director of crypto & new bets, reassured customers by stating, “We follow strict financial regulations to create a secure environment for all of our customers’ crypto transactions.” He emphasized that Revolut continuously monitors patterns in suspicious activity to enhance security through rigorous identity checks.

Ongoing Threats and Measures

Fraudulent crypto transactions continue to pose significant risks, particularly targeting fintech platforms and crypto exchanges. In September, Bybit detected nearly $1 billion in suspicious withdrawals during the first half of 2024, successfully preventing over $79 million in client losses.

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