Revolut, the cryptocurrency-friendly neobank, announced it had prevented millions of dollars in potentially fraudulent crypto transactions in recent months. Despite facing criticism for rising fraud complaints in 2024, the company claims it has saved customers hundreds of millions from fraudulent activity.
$13.5 Million in Suspicious Crypto Transfers Blocked
Between June 1 and September 1, 2024, Revolut blocked $13.5 million worth of potentially fraudulent cryptocurrency transfers. The company revealed this information in a statement on October 7, emphasizing its proactive efforts to protect users. Revolut credits its enhanced security measures and monitoring systems for its success in preventing these fraudulent activities.
Strong Track Record in Fraud Prevention
According to Woody Malouf, Revolut’s head of financial crime and fraud, the company saved customers more than $590 million in 2023 by intercepting potentially fraudulent transactions. These cases included various schemes like celebrity endorsement scams, deepfakes, and AI-generated scams.
Revolut has consistently underscored its commitment to security, particularly within its crypto services. Malouf emphasized that their anti-fraud measures include advanced monitoring of suspicious activity patterns, robust two-factor authentication, and 24/7 customer support.
How Revolut’s Crypto Anti-Fraud System Works
Revolut’s anti-fraud system focuses on real-time monitoring of crypto transactions. The platform uses algorithms to identify suspicious behavior, alerting users through in-app warnings when a transaction is flagged as potentially fraudulent.
The company explained that while it ensures the efficient processing of genuine transfers, only 8% of all crypto transactions require additional review for compliance with fraud prevention and Anti-Money Laundering (AML) regulations. Of those reviewed, less than 0.02% (1 in 5,000 transfers) results in account closure.
Emil Urmanshin, Revolut’s director of crypto and new ventures, stated that the platform is constantly refining its transfer processes. Since the launch of crypto deposits and withdrawals, Revolut has made ongoing adjustments to its system to enhance security and efficiency further.
