Revolut prevents $14m in fraudulent crypto transfers in Q3

Revolut says it has blocked nearly $13.5 million in potential crypto scams in the last three months.

Fintech giant Revolut said in a press release shared with crypto.news that it prevented $13.5 million in potentially fraudulent cryptocurrency transfers between June and September 2024.

The London-based neobank, which launched its own cryptocurrency exchange called “Revolut X” earlier this year, has stepped up its security efforts to detect and prevent fraudulent transfers before funds leave customers’ accounts.

The company says its system is based on real-time monitoring and advanced algorithms, and that so far in 2024, approximately 92% of crypto transactions will be processed without user intervention. For the remaining 8%, “additional checks are required to ensure compliance with anti-fraud” anti-money laundering regulations and other measures.

“Only 1 in 5,000 transfers results in account closure upon further review, less than 0.02%.”

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The FBI’s Internet Crime Report recently revealed that nearly $4 billion in funds were stolen in fraudulent crypto transfers in 2023, underscoring the scale of the problem. Revolut, which serves more than 45 million customers, claims to have saved its customers an estimated $590 million in crypto and fiat transactions from potential fraud in 2023.

Revolut’s director of crypto and new bets, Emil Urmanshin, assured that the company complies with “strict financial regulations to create a safe environment for all our customers’ crypto transactions” and added that Revolut monitors patterns of suspicious activity in identity checks.

Fake crypto transactions remain a persistent threat, with bad actors targeting fintech platforms and crypto exchanges. In September, Bybit announced that it detected approximately $1 billion in suspicious withdrawals in the first half of 2024, thus preventing customer losses of over $79 million.