{"id":890,"date":"2024-10-09T10:02:00","date_gmt":"2024-10-09T10:02:00","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=890"},"modified":"2024-10-09T10:02:00","modified_gmt":"2024-10-09T10:02:00","slug":"revoluts-crypto-security-measures-prevents-13-5-million-in-potential-losses","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=890","title":{"rendered":"Revolut\u2019s Crypto Security Measures Prevents $13.5 Million In Potential Losses"},"content":{"rendered":"
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Global fintech Revolut revealed it prevented millions in potential losses in the last three months, using its crypto-specific measures and transaction monitoring to tackle criminal activity as malicious actors continue to target the industry.<\/p>\n

Revolut Prevents $13 Million Losses In Q3<\/h2>\n

Revolut, the UK-based neobank with over 45 million customers worldwide, revealed it had prevented losses of over $10 million worth of crypto in three months. From June 1 to September 1, the global fintech<\/a> stopped around $13.5 million in potential fraudulent transactions from its platform.<\/p>\n

The company has pledged to prevent \u201ccrypto fraud at source,\u201d aiming to stop funds from ever leaving customers\u2019 accounts with its proactive approach. Revolut expanded<\/a> its digital assets services earlier this year by launching its standalone trading platform for UK users.<\/p>\n

The banking app explained that it enhanced its crypto-specific security measures to protect its customers from falling victim to fraud, which increased the potential for fraud detection. Revolut offers a Wealth Protection feature that, once enabled, requires users to do a selfie verification for every crypto withdrawal.<\/p>\n

Two biometric assessments, like Face ID and fingerprint recognition, will also be required to approve these transactions. Moreover, the bank detailed<\/a> that when customers initiate a crypto transfer, it is monitored by the app\u2019s algorithm in real-time.<\/p>\n

In 2024, 92% of these transactions were completed without requiring additional information from the user. Meanwhile, the remaining 8% required additional reviews to comply with fraud prevention and anti-money laundering regulations. Per Revolut\u2019s data, only 1 in 5,000 transfers leads to account closure after further review, less than 0.02%.<\/p>\n

Investors Remain Affected By Crypto Fraud<\/h2>\n

Emil Urmanshin, Revolut\u2019s Director of Crypto & New Bets, highlighted the company\u2019s efforts to improve its transfer process to follow regulations and prevent digital assets-related fraud:<\/p>\n

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Since first launching crypto withdrawals and deposits, we\u2019ve been constantly fine-tuning our transfer process behind the scenes to improve things. We follow strict financial regulations to create a secure environment for all of our customers\u2019 crypto transactions. This starts from the second they sign up \u2014 from monitoring patterns in suspicious activity to identity checks and using two-factor authentication.<\/p>\n<\/blockquote>\n

Meanwhile, Woody Malouf, Revolut\u2019s Group Head of Financial Crime and Fraud, noted that fraudulent transactions remain a problem for their customers, including those using digital assets, and warned users of the different tactics used by malicious actors<\/a> to target investors:<\/p>\n

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More than 45 million people trust Revolut with their money and, in 2023, we estimate that we saved customers over $590 million in potentially fraudulent transactions across the board. We mean it when we say we take security seriously \u2014 and that absolutely includes crypto. Mindful of all of the celebrity endorsement scams, deepfakes, and AI-dupes circulating.<\/p>\n<\/blockquote>\n

As reported<\/a> by Bitcoinist, the industry saw $735 million in losses during 2024\u2019s third quarter, a 9.5% increase from the second quarter. CertiK\u2019s report revealed that phishing was the costliest type of scam during the past three months, sweeping over $343 million from July to October.<\/p>\n

The report concluded that the industry remains vulnerable despite the progress in user awareness and improved security measures, suggesting better education and more sophisticated measures to protect investors\u2019 funds and the trust in the sector.<\/p>\n

\"Crypto\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Global fintech Revolut revealed it prevented millions in potential losses in the last three months, using its crypto-specific measures and transaction monitoring to tackle criminal activity as malicious actors continue to target the industry. Revolut Prevents $13 Million Losses In Q3 Revolut, the UK-based neobank with over 45 million customers worldwide, revealed it had prevented […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-890","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=890"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/890\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}