New York, Saturday, October 12, 2024 – Revolut announced that it prevented nearly $13.5 million in fraudulent cryptocurrency transactions between June and September 2024. This success comes as the fintech company continues to prioritize security within its newly launched independent crypto exchange in the UK.
Revolut’s robust fraud prevention measures, which include real-time transaction monitoring and biometric verification, played a crucial role in stopping these potentially harmful transactions. According to Revolut, 92% of crypto transfers on its platform were processed smoothly in 2024, while the remaining 8% underwent further checks to comply with anti-money laundering (AML) regulations.
The company also offers an optional Wealth Protection feature that incorporates biometric security, requiring selfie verification for withdrawals, adding an additional layer of security to protect users from fraud.
Revolut’s Director of Crypto & New Bets, Emil Urmanshin, emphasized the importance of strict financial regulations and security measures to ensure a secure environment for all crypto transactions. This focus comes as crypto-related thefts amounted to an estimated $409 million in the third quarter of 2024, according to security firm Immunefi, underscoring the ongoing risks across both centralized and decentralized platforms.
In addition to its fraud prevention efforts, Revolut is reportedly planning to launch its own stablecoin, positioning itself alongside major players like PayPal and Ripple in the crypto space.
