Revolut Pay expands to enhance crypto fraud protection


Revolut plans to extend its Revolut Pay security platform to crypto transactions in 2025, enhancing fraud protection for its customers

Revolut plans to extend its Revolut Pay security platform to crypto transactions in 2025, enhancing fraud protection for its customers. This move is aimed at reducing fraudulent activities commonly associated with crypto transactions.

Revolut noted that current card transactions and bank transfers to exchanges offer limited anti-fraud measures, leaving users vulnerable to scams. A 12-month pilot program using Revolut Pay demonstrated a 50% reduction in fraud attempts for crypto customers. Key features include enhanced know-your-customer (KYC) name matching, fraud alerts, proof of crypto delivery, and transaction risk scoring for merchants.

Representatives highlight that crypto companies can use Revolut Pay as a payment option, enabling customers to purchase cryptocurrency more safely during checkout. The system verifies that the buyer's identity aligns with the exchange's records, reducing the risk of fraud caused by stolen credentials. Revolut Pay also addresses complex scams, such as investment fraud, by assessing transaction risk scores based on user behavior and transaction history.

In cases of high-risk transactions, Revolut may implement additional safety steps, such as user verification or consultation with a customer service manager. Focusing on fraud prevention The company seeks to maintain a balance between strong security measures and a smooth user experience. According to representatives, their framework is designed to add security checks only when a transaction appears risky, ensuring minimal disruption for users.

Revolut’s initiative reflects a growing focus on fraud prevention in the crypto space, which is often targeted by scams involving identity theft, phishing, and AI deep fakes. By incorporating advanced security tools, Revolut seeks to protect its users while enabling safer crypto transactions across its platform. Source: Link .


Dec 18, 2024 09:14
Original link