Revolut is to launch Wealth Protection as part of Revolut Secure. The facility brings together cutting-edge security features to give customers more control over how their money is protected.
Wealth Protection will help protect customers who have had their unlocked phone stolen, or password and face recognition compromised.
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Revolut says many banking apps rely on just one biometric authorisation like facial or fingerprint recognition built into mobile devices. This is usually deployed when opening the app. But Revolut says it is then completely vulnerable if a pickpocket gains access to the device and changes the registered fingerprint or image to their own.
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. This will significantly hamper fraudsters’ attempts to transfer money out of their savings accounts, even if their phone security has been compromised. The feature, which requires customers to opt-in, can be turned on for savings.
Revolut will be one of the first to implement this feature. It is doing so ahead of the busy summer travel and festival season, bringing with it greater risk for theft at large-scale events and crowded tourist hotspots.
Physical theft: responsible for 38% of all unauthorised fraud losses in 2023
Pickpocketing is surging globally and customers are also at a heightened risk of ‘shoulder-surfing’. This is 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. According to Revolut, more customers than ever before are using its savings accounts and features. On average, customers hold 2.6x more money in their savings vs current account.
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By GlobalDataWoody Malouf, Head of Financial Crime at Revolut, said: “We take fraud and the financial loss incredibly seriously. 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.”
In 2023, Revolut says it prevented over £475m of potential fraud against its customers.
