Fintech giant Revolut has made a defined move to bolster the security of its platform regarding its hosted crypto offerings
Revolut, a leading fintech company, has revealed plans to strengthen crypto services globally. The company plans to integrate its trusted payment security solution, Revolut Pay, into the crypto ecosystem in early 2025.
Revolut wants to make crypto transactions safer for users by reducing the risk of fraud. During a year-long test, its security tools have already reduced fraud by 50%, proving its efficiency. The company plans to roll out these protections to the broader crypto market.
As crypto grows more popular, fraud is rising, too, from phishing scams to AI deepfakes, leading to substantial financial losses. Revolut aims to set new safety standards by bringing its proven security tools to the often-risky crypto industry.
Crypto transactions have higher risks because they are decentralized and lack the strong anti-fraud protections in traditional payment systems. Revolut recognizes that its crypto users are more vulnerable to scams. Current card payment methods and bank transfers often lack robust protection security.
Revolut Pay introduced tools like direct API integration, Know-Your-Customer (KYC) name matching, and fraud alerts to tackle this. The technology also included transaction risk scoring during a trial run. These features reduced fraud and helped merchants and users better identify potential threats.
Revolut Pay Enhance Security Without Compromising User Experience
Alex Codina, one of Revolut’s executives, explained that Revolut Pay’s crypto integration is built on a strong system that verifies transactions and reduces risks. The system begins with KYC matching, ensuring the buyer’s identity aligns with the exchange’s records.
Cordina explained that the transaction is immediately rejected if those names do not match. He likened it to rejecting stolen card transactions in traditional systems. Revolut Pay also fights against rising investment scams that trick people with fake rewards for fake transactions. These scams often appear legitimate, making them harder to spot.
Revolut Pay will help by giving transactions a risk score to detect suspicious behavior. It uses data like a user’s past crypto trades to assess whether a transaction could be a scam. This system helps identify fraudulent activity before it becomes a problem.
In addition, Cordina mentioned that Revolut balances security with a smooth user experience. Based on the risk score, the system may add simple steps like asking questions or a brief chat with customer support.
He emphasized that extra checks are added to the system only when necessary, focusing on maintaining user convenience. This approach helps balance security with a smooth experience for users.
Revolut’s initiative to improve crypto security aligns with a growing global trend in the fintech and crypto sectors. Many crypto firms and even government authorities are stepping up their efforts to protect users and prevent fraud.
Companies like Binance, Coinbase, and Kraken have introduced similar security measures. This includes enhanced KYC procedures, two-factor authentication (2FA), and anti-money laundering (AML) protocols.
These initiatives aim to combat rising fraud and illicit activities in the crypto space, helping build trust and ensure safer customer transactions.
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