Fintech giant Revolut has announced plans to extend its advanced security solution, Revolut Pay, to its crypto customers from the start of 2025. The move aims to strengthen protections against the high levels of fraud that plague the crypto industry. The initiative promises enhanced due diligence, advanced transaction monitoring, and risk management features, providing a safer environment for crypto transactions.

Addressing the Fraud Challenge in Crypto

The crypto industry remains a hotbed for scams, including identity theft, phishing, and even AI-powered fraud. According to Revolut, current card transaction mechanisms offer limited anti-scam protections, leaving crypto customers more vulnerable.

Revolut’s solution will integrate its proven Revolut Pay platform into crypto exchanges and on-ramps, granting merchants direct control over payment processes while providing end-to-end visibility. A 12-month pilot program demonstrated the potential of these enhancements, with participating crypto customers experiencing 50% fewer fraud attempts.

Enhanced Features to Combat Fraud

The enhanced Revolut Pay solution introduces several powerful tools, including:

• KYC Name Matching: Transactions are validated by ensuring that the buyer’s identity matches the exchange’s KYC records. Mismatched names will result in transaction rejections.
• Fraud Warning Screens: Customers receive real-time alerts about suspicious activities during transactions.
• Proof of Crypto Delivery: Merchants can ensure customers receive the crypto they purchase.
• Risk Scoring for Transactions: Merchants gain access to risk assessments based on the user’s trading history and transaction patterns.

By focusing on these features, Revolut aims to reduce the prevalence of fraud, which often involves sophisticated scams designed to trick users into making payments for non-existent rewards.

Striking a Balance Between Security and Experience

Revolut acknowledges the challenge of balancing robust security measures with a seamless user experience. “We have a pretty robust model and framework where we can add some friction depending on how risky we think the transaction is,” said Alex Codina, General Manager for Merchant Payments at Revolut.

Security measures could involve asking users targeted questions about their transactions or, in high-risk cases, referring them to a customer service manager for further verification.

A Safer Path for Crypto Payments

Revolut’s enhanced security system offers crypto customers a safer way to buy and trade digital assets. Through direct integration with exchanges and on-ramps, users can enjoy improved fraud protection while merchants gain greater control over the payment process.

This initiative highlights Revolut’s commitment to addressing crypto’s long-standing fraud issues, offering a forward-looking solution for an evolving industry. As the platform rolls out in 2025, it promises to redefine safety standards for crypto payments.