UK fintech giant Revolut has prevented nearly $13.5 million in cryptocurrency losses over the past three months thanks to enhanced fraud prevention measures.
British #fintech giant #Revolut announced that it has prevented nearly $13.5 million in #cryptocurrency losses to its customers over the past three months thanks to enhanced fraud prevention measures.
the company's proactive approach has resulted in a significant increase in the number of potential frauds prevented as a result of significantly enhanced cryptocurrency security measures, the company said in a statement on Tuesday.
the company, which launched cryptocurrency trading platform Revolut X in the UK earlier this year, said it implemented "advanced algorithms" and flagged 8 percent of transfers as potentially suspicious between June and September.
Revolut said these algorithms are designed to meet anti-fraud and anti-money laundering requirements and to efficiently process customer transactions in real time.
So only one in 5,000 flagged transfers results in an account being closed as a result of a more detailed check. This is equivalent to 0.02% of Revolute's 45 million customers worldwide.
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Revolut has also launched a wealth protection feature with biometric protection, including verification of selfies matched with the KYC information the user provided during the registration process.
Woody Maloof, head of Revolut's financial crime and fraud team, added that the company is likely to prevent $590 million in losses from potentially fraudulent transactions in 2023.
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