Revolut Prevents $13.5 Million in Crypto Losses

U.K.-based fintech giant Revolut has reported preventing nearly $13.5 million in cryptocurrency losses for customers through enhanced fraud protection measures in the last three months.

In a statement on Tuesday, the company highlighted its proactive approach that has significantly improved its crypto-specific security measures, resulting in an increase in potentially prevented fraud.

After launching its crypto-specific trading platform, Revolut X, in the UK earlier this year, the company implemented advanced algorithms that flagged 8% of transfers as potentially suspicious between June and September.

These algorithms comply with fraud prevention and anti-money laundering regulations while efficiently processing transactions in real time. Remarkably, only one in 5,000 flagged transfers leads to account closures after comprehensive reviews, affecting just 0.02% of Revolut’s 45 million customers globally.

Additionally, Revolut introduced an opt-in Wealth Protection feature that utilizes biometric safeguards, including selfie verification aligned with users’ KYC information submitted during account creation.

Woody Malouf, Revolut’s group head of financial crime and fraud, stated that the company likely prevented $590 million in losses from potential fraudulent transactions in 2023.

Notably, Chainalysis reports a 20% decline in crypto-crime during the first two quarters of the year, despite a rise in reported incidents of stolen funds and ransomware attacks.