Revolut, a leading fintech company, is set to introduce enhanced security measures for its crypto customers through its Revolut Pay feature starting in 2025. The goal is to provide better protection against fraudulent activities that have been plaguing the crypto industry.
Currently, there is a lack of transparency in the transactions made by crypto customers using Revolut, leaving them vulnerable to fraud due to limited anti-scam protections in card mechanisms. To address this issue, Revolut conducted a 12-month pilot program with select firms to test the effectiveness of Revolut Pay’s enhanced security features.
The results showed that customers using Revolut Pay experienced a 50% reduction in fraudulent attempts, highlighting the effectiveness of the new security measures. These enhancements include KYC name matching, fraud warning screens, proof of crypto delivery, and transaction risk scores for crypto merchants.
According to Alex Codina, general manager for merchant payments at Revolut, the crypto industry is rife with fraudulent activities such as identity theft, phishing scams, and AI deep fakes. By integrating Revolut Pay as a payment method, crypto firms can offer their customers a safer way to buy crypto directly on their platforms.
One of the key features of Revolut Pay is KYC matching, which ensures that the person making a transaction on Revolut’s platform is the same person who has been verified by the exchange. This helps prevent unauthorized transactions and protects customers from potential scams.
In addition to KYC matching, Revolut Pay also assesses the risk score of each transaction based on the user’s trading history and other factors. This helps identify and prevent investment scams where customers are tricked into making fraudulent transactions.
While prioritizing safety, Revolut also aims to provide a seamless user experience. Depending on the level of risk detected, customers may be prompted to answer a few questions about the transaction or speak with a customer service representative for further verification.
Overall, Revolut’s efforts to enhance security for crypto customers demonstrate their commitment to combating fraudulent activities in the crypto space. By leveraging the advanced features of Revolut Pay, crypto users can enjoy a safer and more secure way to engage in transactions on various platforms. The COVID-19 pandemic has had a profound impact on all aspects of society, including the way we work, socialize, and interact with others. As we continue to navigate through these challenging times, it is important to stay informed and take necessary precautions to protect ourselves and those around us.
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