Revolut, a global neobank with over 50 million users, plans to roll out an upgraded security tool, Revolut Pay, to its crypto customers in 2025, according to a report from CoinDesk.
This new service aims to address the increasing risk of fraud in digital asset transactions.
The platform was tested in a 12-month pilot and reported a 50% reduction in fraudulent activity among participating users.
It integrates advanced features such as know-your-customer (KYC) name verification, fraud alerts, cryptocurrency proof of delivery, and transaction risk scores.
alex codina RevoluteGeneral Manager, Merchant Payments, highlighted the increased risks faced by crypto users due to limited protections in traditional payment systems.
He explained that Revolut Pay’s direct integration with exchanges provides end-to-end control over transactions and blocks fraudulent activity such as card theft and elaborate investment fraud.
Codina also noted that the system assesses trading risk based on user history, such as whether the user is new to crypto trading or has interacted with third-party platforms. Mentioned.
Additional security measures, such as short interactions with customer service for high-risk transactions, ensure a balance between safety and user convenience.
Revolut’s move comes as cryptocurrency scams such as phishing attacks and identity theft are becoming more sophisticated.
By introducing Revolut Pay, the company aims to create a safer transaction environment for merchants and users.
Featured image credit: Edited from freepic
