Revolut prevents $14m in fraudulent crypto transfers in Q3

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

Fintech giant Revolut has prevented $13.5 million in potentially fraudulent cryptocurrency transfers between June and September 2024, the company revealed in a press release shared with crypto.news.

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

The company says its system relies on real-time monitoring and advanced algorithms, with nearly 92% of crypto transactions processed without user intervention so far in 2024. For the remaining 8%, additional checks have been “necessary to ensure compliance with fraud prevention, anti-money laundering regulations, and other safeguards.”

“Only 1 in 5,000 transfers leads to account closure after further review — that’s less than 0.02%.”

Revolut

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 issue. Revolut, which serves over 45 million customers, claims it saved customers an estimated $590 million across crypto and fiat transactions from potential fraud in 2023.

Revolut’s director of crypto & new bets Emil Urmanshin reassured that the company follows “strict financial regulations to create a secure environment for all of our customers’ crypto transactions,” adding that Revolut monitors patterns in suspicious activity to identity checks.

Fraudulent crypto transactions remain a persistent threat, with bad actors targeting fintech platforms and crypto exchanges. In September, Bybit revealed it had detected nearly $1 billion in suspicious withdrawals during the first half of 2024, preventing over $79 million in client losses.