Revolut reported Tuesday that it thwarted nearly $13.5 million in potentially fraudulent cryptocurrency transactions between June and September.
Revolut, which launched an independent cryptocurrency exchange in the UK earlier this year, said it is committed to ensuring that funds do not flow out of customer accounts.
According to Immunefi, cryptocurrency hackers stole an estimated $409 million in the third quarter of 2024. This underscores the ongoing risks for both centralized and decentralized platforms, as several well-known exchanges and protocols have experienced major breaches.
Prevent fraud with biometric security features
When users initiate a cryptocurrency transfer at Revolut, the platform’s algorithms actively monitor transactions in real time. Legally legitimate transfers are processed quickly, and by 2024, 92% of these transactions were completed without any additional input data. However, the remaining 8% undergo further checks to comply with fraud prevention and anti-money laundering regulations.
As a result, less than 0.02% of transactions, or 1 in 5,000, lead to account closure after verification. What’s more, Revolut’s Wealth Protection feature adds optional biometric security for cryptocurrency traders. Once enabled, withdrawals require selfie verification, compared to the original KYC selfie, providing two layers of biometric checks for added security.
“We follow strict financial regulations to create a secure environment for all of our clients’ cryptocurrency transactions,” – Emil Urmanshin, director of cryptocurrencies and new bets at Revolut, said.
“This starts from the moment of registration – from monitoring patterns of suspicious activity to checking identities and using two-factor authentication.”
Revolut prepares to launch its own stablecoin
Revolut is preparing to launch its own stablecoin, laying the groundwork to compete with major players in the industry. The move means the London-based company is deepening its involvement in the cryptocurrency arena, alongside the likes of PayPal, Ripple and BitGo.