Revolut introduced Wealth Protection – biometric identification to protect customers
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 stop criminals from withdrawing customers’ hard-earned savings out of their accounts. revolut security
Many banking apps rely on just one biometric authorization (like facial or fingerprint recognition) built into mobile devices, usually when opening the app, which is then completely vulnerable if a pickpocket gains access to the device and changes the registered fingerprint or image to their own. 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. 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, bringing with it greater risk for theft at large-scale events and crowded tourist hotspots. 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 6 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.
More customers than ever before are using Revolut’s savings accounts and features. On average, customers hold 2.6x more money in their savings vs current account.
Woody Malouf, Head of Financial Crime at Revolut, commented: “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.” revolut security
The Future of Travel Security: What Lies Ahead?
As travel continues to boom, the need for innovative security solutions is paramount. Here are some potential future advancements in travel security that we might see:
- Behavioral Biometrics: This emerging technology analyzes user behavior patterns, such as typing rhythm or swiping patterns, to verify identity. This could offer an extra layer of security without the need for additional user input.
- Blockchain-based Security: Blockchain technology, known for its secure and tamper-proof nature, could be integrated into travel apps to further safeguard financial transactions.
- Wearable Security Solutions: Smartwatches or other wearable devices could be used for secure and convenient identity verification when accessing travel apps or making transactions.
Revolut, a frontrunner in travel security, is likely to be at the forefront of implementing these future advancements, continuously raising the bar for user protection.
Wealth Protection is launching this month as part of Revolut Secure, which brings together Revolut’s 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 prevented over £475M of potential fraud against its customers and is consistently working on updating protections to stay one step ahead of fraudsters.
