{"id":95876,"date":"2024-10-08T14:30:01","date_gmt":"2024-10-08T18:30:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=95876"},"modified":"2024-10-08T14:32:19","modified_gmt":"2024-10-08T18:32:19","slug":"revolut-prevents-in-fraudulent-crypto-transfers","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/revolut-prevents-in-fraudulent-crypto-transfers\/","title":{"rendered":"Revolut Prevents $14M in Fraudulent Crypto Transfers\u00a0"},"content":{"rendered":"\n

Revolut claims to have stopped possible cryptocurrency fraud <\/a>worth close to $13.5 million in the last three months.\u00a0
<\/p>\n\n\n\n

\"Revolut
Revolut Prevents $14M in Fraudulent Crypto Transfers\u00a0<\/figcaption><\/figure>\n\n\n\n

According to a press release, the fintech firm Revolut stopped $13.5 million in possibly fraudulent cryptocurrency transfers. <\/p>\n\n\n\n

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\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> before money leaves client accounts. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

More examinations have been “necessary to ensure compliance with fraud prevention, anti-money laundering regulations<\/a>, and other safeguards” for the remaining 8% of the sample. Revolut:<\/p>\n\n\n\n

\n

Only 1 in 5,000 transfers leads to account closure after further review \u2014 that's less than 0.02%.”<\/p>\n<\/blockquote>\n\n\n\n

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. <\/p>\n\n\n\n

Serving more than 45 million users, Revolut asserts that it prevented fraudulent transactions involving cryptocurrency and fiat money<\/a>, saving its clients an estimated $590 million by 2023. <\/p>\n\n\n\n

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.”\u00a0<\/p>\n\n\n\n

Cybercriminals continue to attack fintech companies and cryptocurrency exchanges in an effort to perpetrate fraudulent cryptocurrency transactions<\/a>. <\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Revolut claims to have stopped possible cryptocurrency fraud worth close to $13.5 million in the last three months.\u00a0 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 […]<\/p>\n","protected":false},"author":43,"featured_media":95878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7711,1135,1498],"class_list":["post-95876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency","tag-fraud","tag-revolut"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/10\/croc_1728404670509.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=95876"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/95876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/95878"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=95876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=95876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=95876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}