Revolut is stepping up its fight against crypto fraud by extending its fraud prevention tools to crypto customers starting in 2025. According to a statement from Revolut, the fintech giant will integrate its proven security product, Revolut Pay, into the crypto world to help users avoid scams and fraudulent activities. This move comes after a 12-month pilot showed that crypto customers using Revolut Pay experienced 50% fewer fraud attempts.
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Revolut Pay Strengthens Security for Crypto Customers
Revolut Pay is designed to strengthen security for crypto transactions, particularly with exchanges, which often lack sufficient protections. The service includes features like KYC (know-your-customer) name matching, fraud warning screens, and transaction risk scores for crypto merchants. This means that if a user’s name doesn’t match the exchange’s KYC data, the transaction is flagged and rejected, just like in the card payments world. According to Alex Codina, Revolut’s General Manager for Merchant Payments, this “helps ensure that the person buying crypto is the same one that is verified by the exchange.”
Revolut Fights Investment Scams
Crypto fraud isn’t just about stolen credit cards or phishing scams. In fact, scams are becoming increasingly complex. Revolut’s new system will assess the risk of each transaction based on a user’s crypto history. This will allow Revolut to flag risky transactions, particularly those involving investment scams, which have become a significant issue in the crypto space. Codina added, “These are the hardest ones to deal with,” noting that the system strikes a balance between security and a smooth user experience.
