- Fintech Revolut has prevented the loss of 13.5 million for its users
- This is thanks to transaction analysis and strict anti-fraud verification rules
- Revolut is going to continue to focus on security by creating a safe space for transactions
We don’t often hear news about major hacks and scams being prevented, but rather the opposite.
However, Fintech Revolut has provided us with some good news and claimed that saved its users around $13.5 million by preventing potentially fraudulent crypto transactions.
Details of Revolut’s Successful Security Measures
Revolut subjects all transactions to processing through algorithms for potentially suspicious activity. Legitimate transfers that show nothing out of the ordinary are processed quickly, totaling 92%, but the remaining 8% are sent for additional confirmation and require additional biometric verifications. As a result, less than 0.02% of transactions, or 1 in 5,000, result in account termination after verification.
Revolut Wealth Protection, a separate feature that provides biometric verification at multiple stages of a transaction, plays a significant role in this and extends security beyond standard KYC.
Emil Urmanshin, Revolut’s Director of Crypto & New Bets said:
“We follow strict financial regulations to create a secure environment for all of our customers’ crypto transactions. This starts from the second they sign up — from monitoring patterns in suspicious activity to identity checks, and using two-factor authentication.”
Revolut’s focus on security is not only commendable but also very much in line with their strategy of expanding their presence in various jurisdictions, as well as their plans to launch their own stablecoin.
Yes, it would be strange for a fairly young company that is still building a reputation to not be stable or secure in the context of upcoming initiatives.
Conclusion
This is not a frequent kind of news, but a very welcome one, especially for all Revolut users, as well as for the whole of digital finance.
As fraud is only increasing and even big companies are facing problems, it is good to know that some companies are paying special attention to it.
And in any case, be always aware and careful with your actions and funds online.
