Digital banking application Revolut announced that it blocked over $621 million in suspicious cryptocurrency and fiat currency transfers in 2023. The company serves more than 45 million customers and manages over $23.7 billion in assets.
Security Measures
Revolut implements various measures to ensure customer security. It monitors suspicious activities and employs methods such as two-factor authentication for protection.
“In 2023, we took action on $621 million in potentially fraudulent cryptocurrency and fiat transactions. We take security seriously, which is why we have protections that monitor suspicious activities and utilize two-factor authentication.” – Revolut
Account Closures
The company noted that suspicious transfer activities rarely lead to account closures. Only one in every 5,000 transfers results in account closure after additional reviews.
“Only one in every 5,000 transfers leads to an account closure after further review – this is under 0.02%. The likelihood of your car getting stolen is eight times higher than the chance of your account being closed by us.” – Revolut
Expansion of Cryptocurrency Services
Since launching Bitcoin 
$64,006 services in December 2022, Revolut has expanded its offerings to include over 30 cryptocurrencies. Stablecoins like USDC have also been included in its services.
Additionally, the company offers higher withdrawal limits, allowing up to £250,000 daily and £1 million monthly in most markets. This flexibility enables customers to conduct more extensive cryptocurrency transactions.
Revolut monitors cryptocurrency transfers using advanced algorithms. These systems can trigger additional checks when unusual situations are detected.
Investigations are initiated in cases of potential criminal activity, activities related to money laundering, flagged recipient addresses, or addresses in sanctioned countries.
An award-winning support team is available 24/7 to assist customers with any issues that may arise.
To ensure security in banking and cryptocurrency transactions, Revolut continuously improves its systems while prioritizing customer safety. These security measures are considered a vital step in protecting users’ assets in digital banking.
