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Revolut launches new security feature to combat phone theft

By Gloria Methri

June 10, 2024

  • Account Verification Fraud
  • Digital Risk Management
  • Europe

Revolut, Wealth Protection, FinTech, Fraud Prevention, Identity Verification, FinTech, UKRevolut has introduced Wealth Protection, an extra layer of 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 compromised to stop criminals from withdrawing customers’ savings out of their accounts.

Many banking apps rely on just one biometric authorisation (like facial or fingerprint recognition) built into mobile devices, usually when opening the app. Revolut is going one step further with its advanced facial technology. When turned on, Wealth Protection will verify the user’s identity against the selfie ID checks that the customer completed while first signing up with the app. 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 and is doing so ahead of a busy summer travel and festival season.

Woody Malouf, Head of Financial Crime at Revolut, said, “We take fraud and 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.”

Wealth Protection is launching this month as part of Revolut Secure, which combines cutting-edge security features to give customers more control over how their money is protected. Revolut also has robust protections in place for customers behind the scenes, including AI models, more than 4,000 trained anti-financial crime professionals and an experienced team made up of fraud specialists, data scientists, and ex-law enforcement.

In 2023, Revolut says it prevented over £475 million of potential fraud against its customers and is consistently working on updating protections to stay one step ahead of fraudsters.

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