Revolut Enhances Crypto Fraud Protection with New Security Features
Overview
Revolut is preparing to roll out its improved fraud prevention measures for its cryptocurrency users starting in early 2025. This enhancement includes a new due diligence API designed to safeguard crypto transactions.
Key Highlights
- Revolut is set to introduce its enhanced security product, Revolut Pay, aimed specifically at crypto customers beginning in 2025.
- The Revolut Pay system features enhanced KYC name verification, anti-fraud alerts, proof of digital asset transfer, and transaction risk scoring for crypto vendors.
- A pilot program revealed that firms using Revolut Pay experienced a reduction of approximately 50% in fraudulent attempts against crypto customers.
Context
Revolut claims there is considerable risk associated with card transactions and bank transfers among crypto users, mainly due to insufficient fraud protection measures currently in place.
Moreover, the pilot study highlighted the effectiveness of Revolut Pay, reaffirming that KYC matching along with other security measures plays a critical role in fraud prevention in the cryptocurrency space.
“In the crypto space, there’s a little bit of an issue with fraud outcomes,” said Alex Codina, Revolut's general manager for merchant payments. “Now, crypto firms, either exchanges or on-rampers, can integrate Revolut Pay as a payment method and allow users to purchase crypto more safely.”
Matching Customers
The verification process begins with KYC name matching, ensuring that the identity of the buyer on Revolut matches the verified identity on the exchange. If discrepancies arise, transactions are automatically rejected. Codina stressed that these measures are paramount in combating increasingly sophisticated scams affecting crypto transactions.
The full rollout will begin in 2025, focusing on user security while enhancing the crypto trading experience.
