Revolution in crypto security: Revolut prevented $14 million in fraud in Q3
Date: 2024-10-08 Author: Gabriel Deangelo Categories: BUSINESS
The financial technology giant Revolut prevented almost $13.5 million in fraudulent cryptocurrency transfer attempts in the third quarter of 2024, according to a press release distributed by crypto.news.
The London-based neobank, which launched its own crypto exchange called “Revolut X” earlier this year, has significantly increased its security measures to prevent fraudulent transactions before the money leaves customers’ accounts.
According to the company, the bulk of its security system is based on algorithms and real-time monitoring. This allowed it to process about 92% of cryptocurrency transactions without user intervention in 2024. For the remaining 8%, the company implemented additional checks that were necessary to comply with anti-fraud, anti-money laundering and other regulatory requirements.
“Only 1 in 5,000 transactions result in an account closure after further checks, which is less than 0.02%,” Revolut says.
According to the FBI Internet Crime Report, almost $4 billion was stolen through fraudulent cryptocurrency transactions in 2023, highlighting the scale of the problem. Revolut, which serves more than 45 million customers, says it saved its customers from losses of about $590 million in both crypto and fiat transactions in 2023.
Revolut’s Director of Cryptocurrency Operations and New Initiatives Emil Urmanshin assured that the company strictly adheres to financial regulations to create a safe environment for all crypto transactions of its customers. He added that Revolut monitors suspicious activity and conducts identity checks to enhance security.
Despite all the measures, cryptocurrency fraud remains a serious problem. In September 2024, another crypto platform Bybit reported that it had detected suspicious withdrawals of almost $1 billion in the first half of 2024, preventing customer losses of over $79 million.
