The platform said that, in an effort to fight fraud, it is improving transaction monitoring, with 92% of transactions being completed immediately and 8% requiring additional review.
Fintech Revolut reported on Tuesday that from June to September, it stopped almost $13.5 million in potentially fraudulent cryptocurrency transactions.
Revolut stated that it is dedicated to making sure that money does not leave customers’ accounts after launching its independent cryptocurrency exchange in the UK earlier this year.
Crypto hackers stole an estimated $409m in the third quarter of 2024, according to Immunefi. This highlights ongoing risks for both centralized and decentralized platforms, as several prominent exchanges and protocols experienced major breaches.
Fraud Prevention with Biometric Security for Crypto Withdrawals
Revolut’s algorithms actively track cryptocurrency transfers in real time when users start them. Fast processing is the norm for legitimate transfers; by 2024, 92% of these transactions had been finished without the need for extra input. To ensure they adhere to anti-money laundering and fraud prevention regulations, the remaining 8% are subjected to additional scrutiny.
Therefore, after review, less than 0.02% of transactions—or 1 in 5,000—lead to account termination.
Additionally, cryptocurrency traders can choose to add biometric security with Revolut’s Wealth Protection feature. In contrast to the initial KYC selfie, withdrawals require a selfie verification once enabled, adding an extra layer of biometric security.
“We follow strict financial regulations to create a secure environment for all of our customers’ crypto transactions,” said Emil Urmanshin, Revolut’s Director of Crypto & New Bets.
“This starts from the second they sign up — from monitoring patterns in suspicious activity to identity checks, and using two-factor authentication.”
Revolut Poised to Launch Its Own Stablecoin
Revolut is reportedly gearing up to introduce its own stablecoin, setting the stage to rival major industry players. This move sees the London-based firm deepening its engagement in the crypto arena, alongside companies like PayPal, Ripple and BitGo.