Digital banking application Revolut announced that it blocked suspicious crypto and fiat money transfers worth more than $621 million in 2023. The company serves more than 45 million customers and manages assets totaling more than $23.7 billion.
Safety Precautions
Revolut takes various measures to ensure the safety of its customers. It provides protection by monitoring suspicious activities and using methods such as two-factor authentication.
“In 2023, we have taken action against $621 million in potentially fraudulent crypto and fiat transactions. “We take security seriously, which is why we have guards who monitor suspicious activity and use two-factor authentication.” – Revolut
Account Closures
The company noted that suspicious transfer activity rarely leads to account closures. Only one in 5,000 transfers results in account closure after additional investigations.
“Only one in 5,000 transfers leads to account closure after additional review – a rate of less than 0.02%. “Your car is eight times more likely to be stolen, and there is a slight chance that your account will be closed by us.” – Revolut
Expansion of Crypto Services
Revolut to launch Bitcoin in December 2022 
$62,122 After starting to offer the service, it has expanded its range of services to include more than 30 cryptocurrencies. Stablecoins such as USDC are also included in the services.
Additionally, the company offers higher withdrawal limits of up to £250,000 per day and £1 million per month in most markets. This allows customers to carry out more flexible and comprehensive crypto transactions.
Revolut tracks crypto transfers using advanced algorithms. These systems can trigger extra checks when they detect an unusual situation.
Investigations are initiated in cases such as potential criminal activity, activities linked to money laundering, the recipient’s address being marked as fraud, or addresses in sanctioned countries.
The award-winning and expert support team, available to customers 24/7, is ready to assist in case of any problems.
To ensure security in banking and crypto transactions, Revolut constantly improves its systems and prioritizes customer security.
These security measures provided by Revolut are considered an important step towards protecting users’ assets in the field of digital banking.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
