Revolut Blocks Almost $13.5 Million in Crypto Scams
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Revolut, the UK-based fintech company, has announced that it blocked almost $13.5 million in potentially fraudulent crypto transactions from June to September. The firm stated that it is committed to ensuring customers’ funds and crypto assets do not leave their accounts due to scams or fraud.
According to Immunefi, in the third quarter of 2024, an estimated $409 million was stolen, highlighting the ongoing risks associated with centralized and decentralized platforms. Several reputable exchanges and protocols have experienced serious hacker attacks or scams.
When users initiate a crypto transfer on Revolut, the platform’s algorithms actively monitor transactions in real-time. Legitimate transfers are processed quickly, and in 2024, 92% of such transactions were completed without any additional costs. However, the remaining 8% undergo additional checks to comply with anti-fraud and anti-money laundering regulations.
Revolut’s Wealth Protection feature offers an optional biometric security feature for crypto traders. When enabled, payments require selfie verification similar to the original KYC selfie, providing two levels of biometric verification for added security.
Revolut is reportedly preparing to launch its own stablecoin, deepening its commitment to the crypto sector and positioning itself to compete with major industry players.