Revolut claims to have stopped possible cryptocurrency fraud worth close to $13.5 million in the last three months.
According to a press release, the fintech firm Revolut stopped $13.5 million in possibly fraudulent cryptocurrency transfers.
Neobank, a financial company based in London, introduced “Revolut X,” a cryptocurrency exchange, early this year. Since then, it has strengthened security measures to stop fraudulent transactions before money leaves client accounts.
As of 2024, the system, according to the business, processes roughly 92% of cryptocurrency transactions without the need for user participation because it is based on real-time monitoring and sophisticated algorithms.
More examinations have been “necessary to ensure compliance with fraud prevention, anti-money laundering regulations, and other safeguards” for the remaining 8% of the sample. Revolut:
Only 1 in 5,000 transfers leads to account closure after further review — that’s less than 0.02%.”
The scope of the problem is highlighted by the FBI’s Internet Crime Report, which recently disclosed that around $4 billion in money was pilfered through fraudulent cryptocurrency transfers in 2023.
Serving more than 45 million users, Revolut asserts that it prevented fraudulent transactions involving cryptocurrency and fiat money, saving its clients an estimated $590 million by 2023.
In addition to monitoring trends in suspicious behavior to identification checks, Emil Urmanshin, director of cryptocurrency & new bets at Revolut, informed clients that the company adheres to “strict financial regulations to create a secure environment for all of our customers’ crypto transactions.”
Cybercriminals continue to attack fintech companies and cryptocurrency exchanges in an effort to perpetrate fraudulent cryptocurrency transactions.
Bybit reported in September that it had stopped over $79 million in client losses by identifying about $1 billion in questionable transfers in the first half of 2024.
