Revolut To Enhance Crypto Security With Revolut Pay By 2025

According to CoinDesk, fintech leader Revolut is set to expand its security platform, Revolut Pay, to its cryptocurrency customers starting in 2025. This move aims to bolster protection against fraudulent activities, which have been a significant concern in the crypto sector. Currently, Revolut acknowledges that there is limited transparency in card transactions and bank transfers made by its crypto users with exchanges. This lack of visibility potentially increases their vulnerability to fraud, as traditional card mechanisms offer limited anti-scam measures. A year-long pilot program involving firms using Revolut Pay's advanced due diligence, direct API integration, and comprehensive control over the payment process revealed that crypto customers experienced approximately 50% fewer fraud attempts. These security enhancements include know-your-customer (KYC) name matching, fraud warning alerts, proof of crypto delivery, and the provision for crypto merchants to receive transaction risk scores. The crypto industry is notorious for fraudulent activities, including identity theft, phishing scams, and even AI deep fakes. Alex Codina, general manager for merchant payments at Revolut, highlighted the ongoing fraud issues within the crypto space. He explained that crypto firms, whether exchanges or on-rampers, can integrate Revolut Pay as a payment method, allowing users to purchase crypto more securely. The integration process begins with KYC matching to ensure that the buyer on Revolut's side is the same individual verified on the exchange's side. If the names do not match, the transaction is rejected, akin to a stolen card scenario in the card world. Codina further elaborated on the challenges firms face in combating sophisticated investment scams, where customers are misled into performing transactions under the guise of qualifying for fictitious rewards. Revolut assesses the risk score of transactions based on user information, such as previous crypto trading history, to determine the likelihood of a transaction being part of an investment scam. Codina emphasized the importance of balancing user experience with safety, noting that Revolut's safety measures might involve asking a few questions about the transaction or, in some cases, referring the customer to a service manager for a brief discussion. Revolut has developed a robust model and framework to introduce friction based on the assessed risk level of transactions.