- Revolut Pay will launch in 2025 to enhance crypto transaction security and protect users from scams.
- Pilot tests show Revolut’s new system reduced fraud by 50%, offering improved KYC matching and fraud alerts.
- New features like KYC name matching and transaction risk scoring will help prevent crypto fraud in real-time.
Fintech firm Revolut has revealed plans to roll out its payment solution, Revolut Pay, to crypto users in 2025 to protect users from as the incidence of fraud in the crypto market rises. Given the increasing number of cryptocurrency scams, firm is looking to offer a safer platform for those using its app for digital asset trading.
Revolut’s cryptocurrency consumers have a minimal way of understanding payments made to and from exchanges, and this makes them prone to fraud. Also, card payments for the cryptocurrency transactions have not been well protected against fraudulent activities thus posing a risk to clients. Since the crypto market is constantly under attack by scam artists, platform is expanding its measures to protect its users.
Revolut Pay Enhances Security
Revolut Pay for crypto transactions has been launched after a year of testing several anti-fraud measures during the pilot period. Crypto users who took part in the trial felt a 50% decline in fraud attempts with the improved Revolut Pay features, the company claimed. Some of these are enhanced know your customer KYC matching, real-time fraud alerts and transaction risk scoring for cryptocurrency merchants to enhance the security of the payment process for people who buy and sell cryptocurrencies.
With the new system, platform is to implement several measures to make the transaction process more secure. These include the KYC name matching, this ensures that the person making the payment is the same person that is registered with the exchange, and proof of crypto delivery. The merchants dealing in cryptocurrencies will also get a transaction risk score to determine the authenticity of a transaction before accepting it.
KYC Matching to Prevent Fraud
During a recent interview, Alex Codina, Revolut’s general manager for Merchant Payments admitted the difficulties in the fight against fraud in the crypto niche. Identically, he said that with the integration of Revolut Pay, the users will be able to purchase cryptocurrencies directly from the exchanges while having an added layer of protection. Codina also added that KYC name matching is an important process to prevent fraud similar to the measures instituted in the traditional card payments.
However, Codina pointed out that the platform will place further checks on the high-risk transactions even as firm seeks to enhance the user experience. This ‘friction’ is required to reduce the rate of fraud without endangering the users in any way.
Through these new enhancements, Revolut wants to minimize the problems with cryptos, as more and more people start trading and investing in this specific market. This comes at a time when more and more people are investing in cryptocurrencies thus making it strategic for platform to improve the payment solution while ensuring the customers are well protected.
