Revolut wants to increase security against crypto fraud, and from 2025 it extends its Revolut Pay product also to its cryptocurrency clients.
Revolut Pay to increase security even against crypto fraud
Revolut, the financial super app, has decided to increase security against crypto fraud as well, extending its Revolut Pay product to its cryptocurrency customers as well.
In practice, starting from the beginning of 2025, Revolut’s crypto customers will be able to see the API for the enhanced due diligence of Revolut Pay and proceed feeling more protected.
Specifically, Revolut Pay includes customer name matching (KYC), fraud warning screens, proof of cryptocurrency delivery, and the ability for cryptocurrency merchants to receive transaction risk scores.
A 12-month pilot project of companies using Revolut Pay revealed that crypto customers were exposed to about 50% fewer fraud attempts.
In this regard, Alex Codina, general manager for commercial payments at Revolut, stated:
“In the cryptocurrency space, there is a bit of a problem with the outcomes of fraud. Now cryptocurrency companies, both exchanges and on-rampers, can integrate Revolut Pay as a payment method, and by doing so, we allow our users to purchase crypto directly on those checkouts more securely.”
Revolut Pay to increase crypto security with 50% fewer fraud attempts
To succeed in its endeavor to increase security even in the crypto sector, Revolut Pay begins its process with “match your customer”.
In practice, by integrating Revolut Pay with exchanges or third-party on-ramps, what happens is that the KYC of Revolut Pay proceeds by validating that the person purchasing on the Revolut side is the same as the one with the KYC on the exchange side. This means that if the names do not match, the transaction is rejected.
Other security measures implemented by Revolut, then, could consist of one or two questions about the transaction, or in some cases the customer might be directed to a customer service manager for a brief chat about the transaction.
These are some of the “friction” methods that Revolut Pay can implement to safeguard the customer from falling into scams.
Unfortunately, the same financial super app realizes that managing the most sophisticated crypto scams is quite a difficult task.
In this regard, the product dedicated to security proceeds by evaluating the “punteggio di rischio” of the transaction, based on the information of its clients.
The milestones of the financial super app: Italian IBAN and 50 million users globally
Recently, Revolut has made headlines for some of its achievements. For example, in Italy, Revolut managed to officially launch its branch, along with the official launch of the Italian IBAN.
This means that Italian customers will be able to use the super app that also involves cryptocurrencies, as their main account.
In fact, with the Italian IBAN, Revolut customers will be able, for example, to receive their salary or pay direct debits without complications.
On the global scene, however, Revolut has reached its milestone of 50 million customers, last November.