Revolut to Strengthen Crypto Fraud Protections With Added Security, Risk Scores

Fintech elephantine Revolut plans to widen its battle-tested information wrapper, Revolut Pay, to crypto customers from the commencement of 2025 to amended extortion against fraudulent attacks.

As it stands, Revolut says, determination is constricted visibility into paper transactions and slope transfers its crypto customers marque with exchanges, perchance exposing them to higher levels of fraud owed to paper mechanisms having constricted anti-scam protections.

A 12-month aviator of firms utilizing Revolut Pay’s enhanced owed diligence, nonstop API integration and end-to-end power implicit the outgo process showed crypto customers were exposed to astir 50% less attempts to defraud them, Revolut said successful a statement.

These enhancements see know-your-customer (KYC) sanction matching, fraud informing screens, impervious of crypto transportation and the quality for crypto merchants to person transaction hazard scores.

Crypto has much than its just stock of fraudulent enactment and scams, whether that involves individuality theft, phishing scams and adjacent the engagement of AI heavy fakes and truthful on.

“In the crypto space, there's a small spot of an contented with fraud outcomes,” said Alex Codina, wide manager for merchant payments astatine Revolut successful an interview. “Now, crypto firms, either exchanges oregon on-rampers, tin integrate Revolut Pay arsenic a outgo method and by doing that we let our users to straight bargain crypto connected those checkouts successful a safer manner.”

Match your customer

Under the hood, the integration with third-party exchanges oregon on-ramps starts with KYC matching, truthful validating that the idiosyncratic who is buying connected Revolut broadside is the aforesaid idiosyncratic who is KYC’d connected the exchange’s side.

“If those names don’t lucifer the transaction is rejected. In the paper world, this would beryllium the equivalent of a stolen paper oregon thing similar that,” Codina said.

Beyond that, firms are successful a moving conflict to combat a blase array of concern scams, whereby customers are duped into reasoning they request to execute immoderate transaction oregon different to suffice for a fictitious reward of immoderate kind, helium added.

“These are the hardest ones to woody with,” Codina said. “Basically what we bash is measure the hazard people of the transaction based connected accusation connected our users, similar if they person traded crypto successful the past oregon not with Revolut, with a 3rd party, and measure the probability of that transaction being portion of an concern scam.”

Obviously, a equilibrium has to beryllium struck erstwhile it comes to idiosyncratic acquisition and safety, Codina said. The information measures enactment successful spot by Revolut could beryllium a question oregon 2 astir the transaction, oregon successful immoderate cases the lawsuit could beryllium referred to a lawsuit services manager to concisely chat astir the transaction.

“We person a beauteous robust exemplary and model wherever we tin adhd immoderate friction, depending connected however risky we deliberation the transaction is,” helium said.