Revolut, the global FinTech with over 8 million UK customers and 40 million globally, has introduced Wealth Protection, an extra layer of in-app identity verification, designed to prevent thieves from accessing customer savings within the Revolut app. Wealth Protection will help protect customers who have had their unlocked phone stolen, or password and face recognition compromised, and stops criminals from withdrawing customers’ hard earned savings out of their accounts.
Many banking apps rely on just one biometric authorisation (like facial or fingerprint recognition) but Revolut is going one step further with its advanced facial technology. When turned on, Wealth Protection will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut, significantly hampering fraudsters’ attempts to transfer money out of their savings accounts, even if their phone security has been compromised.
Physical theft was responsible for 38% of all unauthorised fraud losses in 2023 and pickpocketing is surging globally. In London, for example, a phone is stolen every six minutes. Customers are also at a heightened risk of ‘shoulder-surfing,’ where fraudsters first identify phone and banking-app passwords and then use this to bypass security measures, as well as having their phone taken whilst unlocked.
Woody Malouf, Head of Financial Crime at Revolut, said: “With phone thefts on the rise, Wealth Protection has been built to counteract theft by providing our customers with that extra layer of security when you’re out and about this summer. Our customers will be able to rest easy knowing that even if their phone is lost or stolen, their hard-earned savings are more secure.”