Revolut plans to extend its security system, Revolut Pay, to crypto customers from 2025, in a bid to boost protection against fraud. Revolut claims that its crypto customers currently have limited visibility into card transactions and bank transfers with exchanges, which could expose them to higher levels of fraud due to card mechanisms lacking anti-scam protections.
A 12-month pilot showed that crypto customers were exposed to about 50% fewer attempts to defraud them when using Revolut Pay’s enhanced due diligence, direct API integration and end-to-end control over the payment process. These enhancements include know-your-customer (KYC) name matching, fraud warning screens, proof of crypto delivery and the ability for crypto merchants to receive transaction risk scores.
Crypto has a high prevalence of fraudulent activity and scams, which can involve identity theft, phishing scams, AI deep fakes, and more. Revolut’s integration with third-party exchanges starts with KYC matching to validate that the customer is the same person on both Revolut and the exchange’s sides.
If the names don’t match, the transaction is rejected. Revolut assesses the risk score of transactions based on user information, such as whether they have traded crypto in the past or not with Revolut or a third party, and determines the likelihood of the transaction being part of an investment scam.
A balance must be struck between user experience and safety, and Revolut’s safety measures may involve additional questions or a brief chat with a customer services manager.
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