Revolut, the financial super app, has stated that it has safeguarded 13.5 million dollars in crypto belonging to its clients from potential crypto scams. This result is the outcome of improved security measures implemented by Revolut, specific to cryptocurrencies.
Revolut saves $13.5 million in crypto of its clients from potential scams
Revolut has stated that it has saved as much as 13.5 million dollars in crypto of its clients from potential crypto scams.
In fact, it seems that the financial super app based in the United Kingdom has improved its security measures in the crypto sector, managing to prevent losses for its clients. This enhanced anti-fraud protection has been implemented over the last three months, yielding these results.
Specifically, Revolut has installed “advanced algorithms” that flagged 8% of transfers as potentially suspicious, between June and September. From what has emerged, only one in 5,000 flagged transfers leads to account closure after a more thorough review process. This represents 0.02% of Revolut’s 45 million customers globally.
In this regard, the fintech company stated the following:
“The proactive approach of the company has allowed for a significant improvement in security measures specific to cryptocurrencies, which has led to an increase in the amount of potential frauds avoided”
Revolut and the enhanced anti-fraud protection to avoid crypto scam
Revolut highlights that its new “enhanced algorithms” implemented have been designed to comply with regulations on fraud prevention and anti-money laundering. Not only that, the enhanced anti-fraud protection is capable of efficiently processing transactions for the financial app’s customers in real-time.
Not only that, Revolut has also introduced an opt-in wealth protection feature that uses biometric protections, including selfie verification cross-referenced with the user’s KYC information, presented during the sign-up process.
For 2023, Revolut has stated that it avoided losses for its clients amounting to over 620 million dollars.
7. In 2023, Revolut prevented over £475M of potential fraud, but we should be the last line of defence, not the only line.
— Revolut (@RevolutApp) October 3, 2024
“In 2023 Revolut prevented over 475 million pounds of potential fraud, but we should be the last line of defense, not the only one.”
The crypto scam
Recently, there has been a lot of talk about crypto scam and how more and more measures are being taken to prevent them.
In fact, even the division of the Department of Homeland Security (DHS) of the USA stated that it stopped over 500 ransomware attacks since 2021. Not only that, during the same period, the DHS managed to recover as much as 4.3 billion dollars stolen from crypto scams.
While there are those who manage to prevent crypto scams, there are also those who have quantified the real losses.
In this regard, the Federal Bureau of Investigation (FBI) of the USA reported that the total crypto losses due to scams amounted to 5.6 billion dollars in 2023. This figure represents an increase of +45% compared to 2022.
