Digital banking app Revolut announced that it blocked over $621 million in suspected fraudulent cryptocurrency and fiat transfers in 2023.
In a new Revolut blog post, the company highlights the security measures it has in place for its more than 45 million customers who bank over $23.7 billion in assets.
“In 2023, we saved an estimated £475m to our customers. [or $621,880,000] When we say we take security seriously when it comes to potentially fraudulent crypto and fiat transactions, we mean it. That's why we employ a variety of safeguards, from monitoring patterns of suspicious activity to using two-factor authentication. And if you run into any issues, our award-winning expert support is available 24/7. ”
The platform says it is rare for an account to be closed due to suspicious money transfer activity.
“Upon further review, only 1 in 5,000 transfers result in account closure, which is less than 0.02%. The chance of your car being stolen is 8 times the chance of your account being closed by us. It’s double.”
The company said cryptocurrency transfers are monitored by “sophisticated algorithms” that can alert you to the need for “additional checks if our systems detect anomalies.”
The recipient's address is considered fraudulent if there is suspicion of potential criminal activity, if there is activity that appears to be related to money laundering, or if the recipient's address has been flagged as potentially fraudulent. If known to be associated with , and located at an address in a sanctioned country, an investigation will be initiated.
Revolut began offering services for Bitcoin (BTC) in December 2022, but has since expanded to include dozens of cryptocurrencies.
“What started with Bitcoin has now expanded to over 30 cryptocurrencies, including stablecoins such as USDT and USDC, unlimited deposits and higher withdrawal limits of up to £250,000. [or $327,265] £1 million per day [or $1,309,065] Monthly in most markets. ”
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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