As an analyst with over two decades of experience in the financial and tech industries, I find Revolut Group Holdings Ltd’s commitment to enhancing security measures for its crypto customers a prudent move given the increasing sophistication of fraudulent activities in the digital asset market. The implementation of Revolut Pay for crypto customers starting from 2025 is a step in the right direction towards ensuring user safety and trust.
Revolut Group Holdings Limited, a worldwide fintech corporation, aims to enhance safety for its users’ digital possessions by introducing extra security features beginning in 2025. To be specific, Revolut intends to broaden the use of Revolut Pay, its anti-fraud solution, to cater to crypto customers from the new year.
Revolut Protizes Users’ Safety
As an analyst, I’ve observed a significant amount of deceptive practices within the crypto market, ranging from identity theft and phishing scams to more complex AI deepfakes. A recent report suggests that Revolut aims to enhance security measures against such fraudulent attacks by introducing Revolut Pay.
The fintech firm emphasized a problem: inadequate insight into card transactions and bank transfers carried out by their cryptocurrency users when dealing with the exchange. Revolut pointed out that these issues might increase the risk of fraud for its crypto customers, particularly because traditional card systems offer fewer anti-fraud safeguards.
According to a 12-month study by Revolut, businesses using Revolut Pay’s advanced due diligence experienced approximately half as many fraud attempts when dealing with cryptocurrency customers. These companies additionally benefited from the direct API integration and full control offered by Revolut Pay’s end-to-end system.
Some enhancements added to Revolut Pay include Know-Your-Customer (KYC) name matching, fraud warning screens, and proof of crypto delivery. Alex Codina, a General Manager at Revolut, revealed in an interview that crypto firms, including exchanges, can integrate Revolut Pay as a payment method into their platforms. The goal is to allow Revolut users to buy crypto directly and safely at those checkouts.
When it comes to transactions involving third-party exchanges or on-ramps using Revolut, the process starts with matching Know Your Customer (KYC) details. This means that the person making a purchase on Revolut must also have gone through KYC verification on the exchange’s end. If the names provided don’t match between the two platforms, the transaction will be declined.
Revolut highlighted the persistent challenge they face in combating a complex range of investment frauds that often exploit users’ inexperience. Codina admitted that these scams are the most difficult to tackle. Nevertheless, the head of the company stated that Revolut implements certain safety procedures, like directing users to discuss their transactions briefly with a customer service representative.
Broader Crypto Fraud Concerns
Revolut is planning to integrate its Revolut Pay into the digital currency world, a move made in light of increasing concerns about fraud within the cryptocurrency market.
A pseudonymous security researcher, pcaversaccio, recently stated that some young hackers have impersonated Coinbase’s support team to trick users and drain their accounts. Additionally, crypto commentator Sean Clarke warned users to stop using Coinbase Global Inc (NASDAQ: COIN)
Sean asserted that the platform stopped functioning during a cryptocurrency market rush, thus denying users the ability to personally manage their Bitcoin holdings.
As a researcher examining the situation, I’ve encountered allegations against Coinbase. Yet, they have firmly rejected these claims, assuring their users that their dedicated team is tirelessly working to address and rectify any issues that may have arisen.
Additionally, it’s worth noting that the prominent South Korean cryptocurrency exchange, Upbit, has just returned a total of $6 million to 380 victims who had fallen prey to telecom fraud. This move underscores a larger commitment to fighting against illegal activities, which unfortunately tend to prey on digital asset trading platforms.
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2024-12-17 16:42