Revolut prevents customers from losing $13.5 million in cryptocurrency by enhancing fraud protection measures

ChainCatcher news, the UK fintech company Revolut stated that in the past three months, it has prevented nearly $13.5 million in cryptocurrency losses for its customers by strengthening fraud protection measures.

Earlier this year, the company launched its cryptocurrency-specific trading platform Revolut X in the UK, with algorithms that flagged 8% of transfers as potentially suspicious from June to September. After a more in-depth review process, only 1 out of every 5,000 flagged transfers resulted in account closures. This accounts for just 0.02% of Revolut's 45 million customers worldwide.