Revolut plans to enhance fraud protection for its crypto customers by extending its Revolut Pay service starting in 2025. This service will incorporate features like know-your-customer (KYC) name matching, fraud warning screens, proof of crypto delivery, and transaction risk scoring for crypto merchants. A pilot program revealed that crypto customers experienced about 50% fewer fraud attempts when using Revolut Pay.
The initiative aims to address the heightened risk of fraud in the crypto space, which includes identity theft and phishing scams. Revolut's system will assess transaction risk based on user behavior and trading history, allowing for increased security measures while balancing user experience. The changes are part of Revolut's broader strategy to provide safer transaction methods for crypto purchases.
