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Revolut Expands Security Measures for Cryptocurrency Customers
Financial technology company Revolut has announced plans to extend its security system, Revolut Pay, to cryptocurrency customers starting in early 2025. The decision comes after a successful 12-month pilot program that demonstrated a significant reduction in fraud attempts.
In order to enhance the security of crypto transactions, the new system will include Know Your Customer (KYC) name matching and transaction risk scoring. This technology verifies that the person making a purchase through Revolut matches the identity verified by the crypto exchange. Furthermore, it assigns a risk score to each merchant based on its transaction history.
Additionally, the platform will now provide fraud warning screens to alert users to potential risks before they complete transactions. These warnings aim to educate customers about common scam tactics and provide real-time notifications when suspicious patterns are detected.
Revolut’s enhanced security system aims to address existing limitations in card transactions and bank transfers with crypto exchanges. This has led to a lack of sufficient anti-scam protections in traditional payment systems, leaving users vulnerable to fraud.
The integration includes direct API connections and end-to-end control over the payment process, which allows for better monitoring and control of transactions compared to traditional methods. The system also features proof of crypto delivery, confirming that purchases are properly completed and verified by verifying transactions have been delivered to the correct wallet addresses.
According to data gathered during the pilot program, users experienced approximately 50% fewer attempts at fraud when using the enhanced security measures compared to those utilizing traditional payment methods. This reduction in fraud attempts demonstrates the effectiveness of Revolut’s new system.
Revolut is committed to making this updated due diligence API available to all crypto customers as soon as the rollout begins in January 2025, allowing time for cryptocurrency exchanges and merchants to integrate the upgraded security features into their platforms.
Source: blockonomi.com
