Revolut Prevents Major Fraudulent Transactions in 2023 Amid Crypto Expansion

Revolut, the digital banking app, reported blocking over $621 million in potentially fraudulent transactions involving both crypto and fiat currencies during 2023.

The firm, which serves more than 45 million users worldwide, detailed its security efforts in a recent blog entry.

The company claims its security measures have saved customers an estimated £475 million this year, underscoring its commitment to safeguarding user funds. Revolut utilizes two-factor authentication and monitors for suspicious activity while providing 24/7 expert assistance for any issues.

The app noted that account closures due to fraudulent activity are quite rare, occurring in only 0.02% of cases. This statistic means users are significantly more likely to experience a car theft than have their accounts shut down by the service.

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Revolut employs advanced algorithms to scrutinize cryptocurrency transactions, activating further checks when unusual patterns emerge. Investigations are launched if there’s a suspicion of criminal behavior, money laundering, or if a recipient’s address is flagged for fraud or is linked to scams.

Alexander Stefanov