Revolut Says Company Has Prevented $621,880,000 in Potentially Fraudulent Crypto and Fiat Transfers

Digital banking app Revolut says the company blocked more than $621 million of suspected fraudulent crypto and fiat transfers in 2023.

In a new Revolut blog post, the company is highlighting the security measures it takes for its more than 45 million customers banking with them more than $23.7 billion of their wealth.

“In 2023, we saved customers an estimated £475 million [or $621,880,000] in potentially fraudulent crypto and fiat transactions – we mean it when we say we take security seriously. That’s why we have protections in place, from monitoring patterns of suspicious activity to using two-factor authentication. And we have award-winning, expert support available 24/7 to help you if any issues do arise.”

The platform says only in rare cases does suspicious transfer activity result in accounts being shut down.

“Only one in 5,000 transfers lead to account closure after further review – that’s less than 0.02%. You’re eight times more likely to have your car stolen than have your account closed by us.”

The company says that crypto transfers are monitored by “advanced algorithms” that may alert them to a need for “extra checks if our systems spot something unusual.”

Investigations are triggered if there under suspicions of potential criminal activity, activity that appears related to money laundering, a recipient’s address is flagged as potentially fraudulent, a recipient’s address is known to be connected to scams and addresses in countries facing sanctions.

Revolut began offering services for Bitcoin (BTC) in December 2022, but has since expanded to include tens of cryptocurrencies.

“What began with Bitcoin has now expanded to more than 30 cryptocurrencies, including stablecoins like USDT and USDC, unlimited amounts of deposits, and higher withdrawal limits of up to £250,000 [or $327,265] per day and £1 million [or $1,309,065] per month, in most markets.”

Generated Image: Midjourney