Revolut is set to extend its proven payment security system, Revolut Pay, to crypto customers in a bid to combat rising fraud. From the start of 2025, crypto merchants and exchanges will gain access to enhanced due diligence tools, direct API integration, and end-to-end control over payment processes, offering a safer environment for transactions.

During a 12-month pilot, Revolut Pay reduced fraud attempts on crypto users by 50%. These results underline the need for stronger security protocols in a sector vulnerable to scams, including phishing, identity theft, and AI-driven fraud.

Enhanced Security Features

Revolut Pay will bring several robust features to crypto payments:

• KYC Name Matching: Transactions will only proceed if the buyer’s name matches the KYC-verified name on the exchange, reducing risks of stolen card use.
• Fraud Warning Screens: Users receive alerts about potential risks during transactions.
• Proof of Crypto Delivery: Merchants can verify the delivery of crypto assets to prevent disputes.
• Transaction Risk Scores: Merchants gain insights into transaction safety based on user behavior and history.

These additions aim to close the security gap left by traditional payment mechanisms, which lack comprehensive anti-scam measures for crypto transactions.

Fighting Sophisticated Scams

According to Alex Codina, General Manager for Merchant Payments at Revolut, investment scams remain one of the hardest threats to counter. Fraudsters often lure victims with promises of rewards or profits, manipulating them into risky transactions.

Revolut’s fraud protection assesses transaction risk by analyzing user history, such as whether they’ve previously traded crypto with Revolut or third parties. Suspicious transactions might prompt additional verification steps, including brief chats with customer service managers, ensuring a balance between user experience and safety.

A Safer Future for Crypto Payments

Revolut Pay’s integration with crypto merchants and exchanges offers a new layer of trust for users. By directly buying crypto through Revolut Pay at checkout, customers benefit from enhanced security, reducing exposure to fraud and scams.

This initiative underscores Revolut’s commitment to safeguarding the growing number of users entering the volatile crypto space. As Codina explained, “Our robust framework introduces friction where necessary, ensuring safer transactions without compromising user convenience.”

With these measures, Revolut is setting a benchmark for secure and reliable crypto payments in the fintech industry.