#cryptonews
Fintech Revolut said Tuesday that it thwarted nearly $13.5m in potentially fraudulent crypto transactions from June through September. Revolut, having launched its independent crypto exchange in the UK earlier this year, said it is committed to ensure that funds do not exit customers’ accounts. Crypto hackers stole an estimated $409m in the third quarter of 2024, according to Immunefi. This highlights ongoing risks for both centralized and decentralized platforms, as several prominent exchanges and protocols experienced major breaches.
Legitimate transfers are processed quickly, and in 2024, 92% of these transactions have been completed without any additional input.
When users initiate a crypto transfer on Revolut, the platform’s algorithms actively monitor transactions in real time.
Fraud Prevention with Biometric Security for Crypto Withdrawals
As a result, fewer than 0.02% of transactions, or 1 in 5,000, lead to account termination after review.
Further, Revolut’s Wealth Protection feature adds optional biometric security for crypto traders.
However, the remaining 8% undergo further checks to comply with fraud prevention and anti-money laundering rules.
