Revolut reports that it has blocked almost $13.5 million in potential cryptocurrency fraud over the past three months.
The fintech powerhouse Revolut disclosed in a press release to crypto.news that it averted $13.5 million in potentially fraudulent cryptocurrency transfers from June to September 2024.
Based in London, the neobank launched its own crypto exchange called “Revolut X” earlier this year and has intensified its security measures to spot and prevent fraudulent transactions before they affect customers’ accounts.
The firm states that its system utilizes real-time monitoring and sophisticated algorithms, with close to 92% of crypto transactions being processed autonomously so far in 2024. For the remaining 8%, additional evaluations were deemed “necessary to ensure adherence to fraud prevention and anti-money laundering regulations, along with other protective measures.”
“Only 1 in 5,000 transfers results in account termination following further examination — that’s under 0.02%.”
Revolut
The recent FBI Internet Crime Report indicated that nearly $4 billion was lost due to fraudulent crypto transfers in 2023, highlighting the magnitude of the issue. Serving more than 45 million customers, Revolut claims to have safeguarded customers an estimated $590 million from potential fraud in both crypto and fiat transactions throughout 2023.
Emil Urmanshin, Revolut’s director of crypto & new bets, reassured users that the company adheres to “stringent financial regulations to establish a secure environment for all our customers’ crypto transactions,” noting that Revolut monitors suspicious activity patterns for identity checks.
Fraudulent cryptocurrency transactions continue to pose a significant threat, with malicious actors targeting fintech platforms and crypto exchanges. In September, Bybit disclosed it had identified nearly $1 billion in suspicious withdrawals during the first half of 2024, successfully preventing over $79 million in losses for clients.
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