In a move to bolster security, Revolut has introduced an extra layer of in-app identity verification to protect users from theft involving unlocked phones or compromised passwords and face recognition. This new feature, dubbed ‘Wealth Protection,’ enhances the safety of customer funds by verifying the user’s identity against the selfie ID checks completed during the initial sign-up process.
Strengthening Mobile Security
Many banking apps rely on a single biometric authorization, such as a fingerprint or facial recognition, which can be easily overridden if a thief gains access to the device and re-registers their own biometric data. Revolut’s new feature, however, adds a robust second layer of verification, making it significantly harder for thieves to access funds even if they possess the device.
Key Features of Wealth Protection:
- Opt-In Security: Customers can activate Wealth Protection for their Savings, adding an extra layer of security.
- Selfie ID Verification: The feature uses the selfie ID checks from the initial sign-up to verify the user’s identity, ensuring that even if a phone is stolen, the thief cannot easily access the funds.
Addressing the Rising Threat of Mobile Theft
Woody Malouf, Head of Financial Crime at Revolut, highlighted the urgency of this new feature: “In London, a phone is stolen every six minutes. 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.”
The introduction of Wealth Protection is timely, given the increasing frequency of phone thefts. This new security measure allows customers to safeguard their savings and enjoy peace of mind, knowing their hard-earned money is more secure.
How to Activate Wealth Protection
To benefit from this new feature, Revolut customers need to opt-in through the app. Once activated, the additional identity verification will protect their savings, making it much harder for thieves to misuse stolen devices.
For more information on Revolut’s security features and to activate Wealth Protection, visit Revolut’s official site.
