Revolut, a global neobank with over 50 million users, is set to introduce its upgraded security tool, Revolut Pay, to crypto customers in 2025, according to a CoinDesk report.

The new offering aims to address the rising fraud risks in digital asset transactions.

The platform, tested over a 12-month pilot, reportedly reduced fraud attempts by 50% for participating users.

It integrates advanced features, including know-your-customer (KYC) name matching, fraud alerts, proof of crypto delivery, and transaction risk scores.

Alex Codina, Revolut’s general manager for merchant payments, highlighted the heightened risks crypto users face 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, blocking fraudulent activities such as stolen card usage or elaborate investment scams.

Codina also noted that the system assesses transaction risk based on user history, including whether a user is new to crypto trading or has interacted with third-party platforms.

Additional security measures, like brief interactions with customer service for high-risk transactions, ensure a balance between safety and user convenience.

Revolut’s move comes as crypto fraud, including phishing attacks and identity theft, becomes more sophisticated.

By deploying Revolut Pay, the company aims to create a more secure transactional environment for merchants and users.

Featured image credit: Edited from Freepik

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