Revolut to Introduce Enhanced Security Measures for Crypto Users in 2025
Revolut Group Holdings Ltd, a global financial technology company, plans to enhance security measures for its users' digital assets. Starting in 2025, Revolut will extend Revolut Pay, its fraud-prevention product, to crypto customers.
Revolut Prioritizes Users’ Safety
The crypto market faces various fraudulent activities, including identity theft and phishing schemes. A recent report indicates that Revolut aims to bolster protection against these threats through Revolut Pay.
Revolut identified challenges related to limited visibility into card transactions and bank transfers made by its crypto customers, which may increase their exposure to fraud due to inadequate anti-scam protections.
An analysis of a 12-month pilot using Revolut Pay's enhanced due diligence found that crypto customers experienced approximately 50% fewer fraud attempts. This involved direct API integration and end-to-end control.
Enhancements to Revolut Pay include Know-Your-Customer (KYC) name matching, fraud warning screens, and proof of crypto delivery. Alex Codina, General Manager at Revolut, stated that crypto firms can integrate Revolut Pay as a payment method, allowing users to purchase crypto directly at those checkouts.
Integration begins with KYC matching to ensure that the buyer on Revolut matches the KYC records on the exchange. Transactions are rejected if names do not align on both platforms.
Revolut noted that firms constantly combat sophisticated investment scams targeting user naivety. Codina acknowledged these scams are challenging but mentioned safety measures, such as directing users to speak with customer service regarding transactions.
Broader Crypto Fraud Concerns
Revolut’s initiative to introduce Revolut Pay aligns with broader concerns about fraud in the crypto sector.
A pseudonymous researcher, pcaversaccio, reported that some young hackers impersonated Coinbase’s support team to deceive users and drain accounts. Additionally, crypto commentator Sean Clarke advised users to refrain from using Coinbase Global Inc (NASDAQ: COIN), citing issues accessing self-custody of Bitcoin during market surges.
Coinbase has since dismissed these claims, assuring users of their commitment to resolving ongoing issues.
Moreover, Upbit, a leading South Korean crypto exchange, recently reimbursed $6 million to 380 victims of telecom fraud, highlighting efforts to combat illicit activities targeting digital asset trading platforms.