Revolut Prevents Nearly $13.5 Million in Potential Crypto Fraud Over the Past Three Months

Revolut Prevents Nearly $13.5 Million in Potential Crypto Fraud Over the Past Three Months

Fintech powerhouse Revolut has successfully blocked $13.5 million in potentially fraudulent cryptocurrency transactions between June and September 2024, according to a press release shared with crypto.news.

The London-based neobank, which introduced its own crypto trading platform, “Revolut X,” earlier this year, has intensified its security protocols to intercept fraudulent transfers before customer funds can be compromised.

Revolut credits this success to its sophisticated system, which employs real-time monitoring and advanced algorithms. So far in 2024, 92% of crypto transactions on the platform have been processed automatically without any user involvement. For the remaining 8%, additional checks were deemed necessary to ensure compliance with fraud prevention measures, anti-money laundering laws, and other regulations.

“Only 1 in every 5,000 transactions results in account closure after further investigation — less than 0.02%,” according to the company.

This proactive approach comes amid a broader industry challenge. The FBI’s Internet Crime Report highlighted that nearly $4 billion was stolen through fraudulent cryptocurrency transfers in 2023, shedding light on the growing threat. Revolut, which serves more than 45 million users globally, claims to have saved its customers an estimated $590 million from potential fraud across both crypto and fiat transactions last year.

Emil Urmanshin, Revolut’s Director of Crypto & New Bets, reassured users that the company adheres to “strict financial regulations to ensure a secure environment for all crypto transactions.” Urmanshin added that the firm actively monitors suspicious patterns and uses identity checks to further enhance security.

As fraudulent crypto activities continue to plague the fintech and crypto sectors, platforms like Revolut and Bybit are stepping up their defenses. Bybit, for example, reported detecting nearly $1 billion in suspicious withdrawals in the first half of 2024, preventing over $79 million in potential client losses.