Cryptocurrency

Million

when

USDC

Security

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/revolut-prevents-over-621-million-in-suspicious-transfers-in-2023/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Revolut Prevents Over $621 Million in Suspicious Transfers in 2023</a><br></p>
<p style="text-align: justify">Digital banking application Revolut announced that it blocked over $621 million in suspicious <a href="https://en.coin-turk.com/we-analyze-upcoming-developments-in-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> and fiat currency transfers in 2023. The company serves more than 45 million customers and manages over $23.7 billion in assets.</p>
<h2 id="security-measures">Security Measures</h2>
<p style="text-align: justify">Revolut implements various measures to ensure customer security. It monitors suspicious activities and employs methods such as two-factor authentication for protection.</p>
<blockquote>
 <p>“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</p>
</blockquote>
<h2 id="account-closures">Account Closures</h2>
<p style="text-align: justify">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.</p>
<blockquote>
 <p>“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</p>
</blockquote>
<h2 id="expansion-of-cryptocurrency-services">Expansion of Cryptocurrency Services</h2>
<p style="text-align: justify">Since launching Bitcoin services in December 2022, Revolut has expanded its offerings to include over 30 <a href="https://en.coin-turk.com/qcp-capital-analysts-signal-high-volatility-for-bitcoin-and-ethereum/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrencies</a>. Stablecoins like USDC have also been included in its services.</p>
<p style="text-align: justify">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.</p>
<p style="text-align: justify">Revolut monitors cryptocurrency transfers using advanced algorithms. These systems can trigger additional checks when unusual situations are detected.</p>
<p style="text-align: justify">Investigations are initiated in cases of potential criminal activity, activities related to money laundering, flagged recipient addresses, or addresses in sanctioned countries.</p>
<p style="text-align: justify">An award-winning support team is available 24/7 to assist customers with any issues that may arise.</p>
<p style="text-align: justify">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.</p>
<p>The post <a href="https://en.coin-turk.com/revolut-prevents-over-621-million-in-suspicious-transfers-in-2023/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Revolut Prevents Over $621 Million in Suspicious Transfers in 2023</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Revolut Prevents Over $621 Million in Suspicious Transfers in 2023

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