Revolut blocked illegal transactions worth $13.5 million within a quarter
Revolut says it has prevented potential crypto fraud totaling about $13.5 million in the last three months
Revolut says it has prevented potential crypto fraud totaling about $13.5 million in the last three months. Revolut, a fintech startup, prevented $13.5 million in potentially fraudulent cryptocurrency transfers between June and September 2024, according to a press release
The Neobank, based in London, introduced “Revolut X,” a cryptocurrency exchange, early this year. Since then, it has strengthened security measures to stop fraudulent transactions before money leaves client accounts.
The company estimates that by 2024, the system will handle about 92% of Bitcoin transactions without human intervention because it is built on sophisticated algorithms and real-time monitoring. Further inspections are “necessary to ensure compliance with fraud prevention, anti-money laundering regulations, and other safeguards” for the remaining 8% of the sample.
Revolut with over 45 million users, highlighted the prevention of fraudulent transactions involving fiat money and cryptocurrencies, saving its clients an estimated $590 million by 2023.
In addition to monitoring trends in suspicious behavior to identification checks, Emil Urmanshin, director of cryptocurrency at Revolut, informed clients that the company adheres to “strict financial regulations to create a secure environment for all of our customers’ crypto transactions.”
Fraudulent crypto transactions remain a persistent threat, with bad actors targeting fintech platforms and crypto exchanges. Bybit last highlighted that it had stopped over $79 million in client losses by identifying about $1 billion in questionable transfers in the first half of 2024.
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