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Revolut Expands Security Measures for Cryptocurrency Customers
Financial technology company Revolut has announced plans to expand its security measures for cryptocurrency customers, following a successful 12-month pilot program that demonstrated a significant reduction in fraud attempts.
In an effort to combat the growing issue of cryptocurrency fraud, Revolut will be launching enhanced security features through its Revolut Pay system in early 2025. This move comes after a pilot program showed a staggering 50% reduction in fraudulent activities.
The new measures aim to address the current limitations in card transactions and bank transfers between Revolut customers and crypto exchanges. The financial company recognizes that traditional payment methods are insufficient in safeguarding users from fraud, citing an increasing number of investment scams and other forms of cryptocurrency-related deception.
To combat this issue, Revolut’s upgraded security system includes several key features designed to protect users’ funds and identities. One significant component is the know-your-customer (KYC) name matching technology, which ensures that the individual initiating a transaction matches the identity verified by the crypto exchange. This feature will significantly reduce the potential for fraudulent activities.
Another crucial aspect of Revolut’s expanded security measures is transaction risk scoring. This innovative approach assesses the likelihood of fraud based on users’ behavior and transaction patterns. This data-driven method considers factors such as previous trading history with both Revolut and third-party platforms, allowing for a more accurate evaluation of potential risks.
Furthermore, the company has also incorporated proof-of-delivery features to confirm that transactions are properly completed and verified. This additional layer of security ensures that purchased cryptocurrencies are indeed delivered to the correct wallet addresses.
The successful pilot program demonstrates the effectiveness of these enhanced measures in reducing fraudulent activities. Participants in the test reported a significant 50% reduction in fraud attempts compared to those using traditional payment methods.
Source: blockonomi.com
