Revolut plans to enhance security for its cryptocurrency customers next year by introducing new anti-fraud measures. Alex Codina, the general manager for merchant payments at Revolut, highlighted the ongoing issues with fraud in the crypto space. To address this, Revolut will allow crypto firms to integrate Revolut Pay, enabling safer crypto purchases at checkout. Current vulnerabilities in crypto transactions could expose customers to fraud, but Revolut’s pilot program reportedly reduced fraud attempts by 50% among users. New protections include identity verification, fraud alerts, proof of crypto delivery, and risk scoring for transactions. These efforts emerge as crypto scams and related financial fraud have surged significantly, prompting heightened focus and action from law enforcement.
Revolut to Enhance Crypto Fraud Protection in 2024
Revolut has announced plans to introduce new anti-fraud security measures for its cryptocurrency customers starting next year. Alex Codina, the general manager for merchant payments at Revolut, highlighted the urgent need for enhanced security in the crypto space, which has been plagued by fraud.
As part of its efforts, Revolut will allow cryptocurrency firms, such as exchanges and payment processors, to integrate Revolut Pay. This integration will enable users to purchase crypto through safer checkout processes. Currently, Revolut faces challenges in tracking transactions made by its crypto customers with various exchanges, which can make them vulnerable to scams.
A year-long pilot program revealed that customers utilizing Revolut Pay experienced about 50% fewer fraud attempts. The new protections will include features like know-your-customer (KYC) name matching, fraud warning screens, proof of crypto delivery, and risk scores for transactions.
The decision to strengthen security measures comes amid a significant rise in cryptocurrency scams, which increased by 53% last year. Reports indicate that law enforcement is closely monitoring the sector, which is often seen as opaque and hard to regulate. In fact, complaints related to cryptocurrency accounted for 10% of all financial fraud cases in the past year, leading to significant financial losses.
Revolut’s proactive approach reflects the ongoing need for enhanced fraud prevention measures in the rapidly evolving digital currency landscape.
Tags: cryptocurrency, Revolut, fraud prevention, crypto scams, FinTech, digital banking, news.
What is Revolut’s Fraud Protection for Crypto Customers?
Revolut’s Fraud Protection helps keep your cryptocurrency safe. It monitors your transactions to spot any unusual activity and alerts you if something seems off.
How does the Fraud Protection feature work?
The feature uses advanced technology to track your crypto transactions. If it sees something suspicious, it will notify you right away so you can take action quickly.
Do I have to pay extra for this Fraud Protection service?
No, you don’t need to pay extra. Fraud Protection is included with your Revolut account, making it easy and free to help protect your funds.
What should I do if I get an alert from Revolut about suspicious activity?
If you receive an alert, check your account immediately. If you don’t recognize the transaction, you can freeze your account or contact Revolut’s support team for help.
Can I turn off the Fraud Protection feature if I don’t want it?
You can adjust your notification settings in the app, but it’s recommended to keep the feature on for better security. It helps protect your crypto investments from fraud.
