As a seasoned analyst with years of experience in the financial and tech sectors, I find the efforts made by Revolut to combat crypto fraud commendable. Having witnessed numerous instances of cybercrime and financial malfeasance in my career, it’s reassuring to see companies like Revolut prioritizing security and transparency.
Revolut says it blocked nearly $13.5 million in potential crypto fraud in the last three months.
In a recent press statement disclosed to crypto.news, leading fintech corporation Revolut successfully thwarted approximately $13.5 million worth of suspected cryptocurrency transactions that could have been fraudulent from June to September 2024.
Based in London, the digital bank, recently expanded with a cryptocurrency exchange named “Revolut X,” has increased its safety measures to identify and block potentially fraudulent transactions from draining customer accounts.
As a researcher delving into this topic, I can share that the company emphasizes its system’s reliance on real-time monitoring and sophisticated algorithms. Remarkably, around 92% of all crypto transactions in 2024 have been handled automatically without user intervention. However, for approximately 8%, extra checks have been essential to maintain compliance with regulations related to fraud prevention, anti-money laundering, and various safety measures.
“Only 1 in 5,000 transfers leads to account closure after further review — that’s less than 0.02%.”
Revolut
In 2023, according to a report by the FBI’s Internet Crime division, approximately $4 billion were illegally obtained through fraudulent cryptocurrency transactions, highlighting the extent of the problem at hand. Meanwhile, financial service company Revolut, serving over 45 million clients worldwide, asserts that it prevented an estimated $590 million in potential fraud for both crypto and traditional currency transactions last year.
Emil Urmanshin, the head of crypto and innovative ventures at Revolut, emphasized that their firm adheres to stringent financial rules to ensure a safe platform for all users’ cryptocurrency exchanges. He mentioned that they scrutinize unusual behavior and conduct identity verifications.
Unscrupulous crypto transactions continue to pose a consistent danger, as malicious individuals often aim their attacks at fintech services and cryptocurrency trading platforms. In September of 2024, Bybit disclosed that it had identified approximately $1 billion in potentially fraudulent withdrawals over the first half of the year, thereby shielding clients from losses totaling more than $79 million.
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2024-10-08 10:28