The financial sector has long struggled with persistent cybersecurity threats, leading to substantial losses. The rise of criminal activities force the UK-based fintech company Revolut to embrace robust security measures.
On Monday the Revolut celebrated that the company managed to prevent million losses. This implies that the security measures implemented by the bank in the last three months were fruitful.
How Revolut Saved Customers from Million Losses?
The bank confirmed to have blocked numerous attacks targeting high-profile crypto transactions. Through collaborative efforts, the bank stated that preventing a loss of over $13.5 million between June and September.
This year was no exception from last year when the financial provider prevented the criminals from escaping with a hundred million bags.
In an earlier report, the head of financial crime and fraud at Revolut Woody Malouf, confirmed that the bank rescued $590 million from hackers and scammers in the previous year. The executive confirmed that despite implementing adequate security measures the hackers were still targeting the financial sector using a creative approach.
Some of the tactics used by the criminals included celebrity endorsement, deep fakes, and AI-generated scams, making it difficult to differentiate genuine projects from scams. Malouf stated that despite criminals advancing their skills, it was important to take security seriously.
Will Revolut Reduce Crypto Crime to Zero?
He urged banks to strengthen their security measures for crypto transactions. From his vast experience in financial crime, Malouf confirmed that the bank used different security approaches, including monitoring suspicious activities.
At this stage, Malouf and the team leveraged their expertise to identify suspicious patterns and transactions that seemed illegal. The executive admitted that the process was thorough, forcing the bank to introduce an incentive program that recognizes the efforts of security experts.
Malouf confirmed that the best employees received awards and the company appreciated their commendable work. Apart from this, the bank enabled the two-factor authentication (2FA) features on user accounts.
This is aimed at ensuring the customers’ confidential data remains safe and secure. The 2FA restricts the criminals from accessing the customers’ accounts.
Besides the 2FA features, the Revolut team introduced an innovative anti-fraud mechanism that identifies suspicious transactions.
Why Criminals Target the Crypto Industry?
The anti-fraud mechanism monitors the customers’ transactions and in case of any suspicious patterns, the system sends an in-app warning alerting the Revolut team of an illegal transaction. The anti-fraud system sent signals to the Revolut team highlighting activities that seemed to be suspicious.
Having gained dominance as a crypto-friendly bank, the Revolut team has also streamlined transaction processes. Malouf confirmed that the system upgrades made in Q3 enabled the banks to improve the efficiency of crypto transactions.
He stated that approximately 92% of total transactions were completed without requiring user input. The remaining 8% of the transaction required the user to comply with the anti-fraud measures and other security measures to proceed with the transaction.
The executive confirmed 0.02% of the accounts were closed by the bank after a thorough review of past transactions.
Significance of Implementing Adequate Security Measures
Elsewhere, the director of crypto at Revolut Emil Urmanshin confirmed that the bank has regularly fine-tuned its system to support crypto withdrawals and deposits.
Besides ongoing development, the executive stated that the Revolut team adheres to global financial regulations to ensure that customers complete their crypto transactions compliantly. Urmanshin added that Revolut has invested heavily in strengthening the bank security measures by enabling 2FA features on customers’ accounts and biometric checks within the bank premises.
The security measure embraced by the Revolut team demonstrates that criminals are still targeting the financial sector. While criminals seem to be relentless and active banks need to implement adequate security measures such as 2FA, biometrics, and anti-fraud systems to prevent crime.
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