Revolut has introduced a new in-app identity verification feature aimed at safeguarding customers who may have their unlocked phones stolen or whose passwords and face recognition have been compromised.
When activated, the ‘Wealth Protection’ functionality compares the user’s identity against the selfie ID checks completed during the initial sign-up process with Revolut.
Many banking applications typically depend on a single biometric authorization embedded in mobile devices, which can be easily bypassed if a thief gains access to the device and modifies the registered fingerprint or facial recognition.
This new option in the Revolut app, which requires customers to opt-in, is available for their Savings feature.
Woody Malouf, head of financial crime at Revolut, highlights that in London, a phone is stolen every six minutes.
“With the rising incidence of phone theft, Wealth Protection has been designed to offer an additional layer of security for our customers, especially during the summer months. This feature ensures that even if their phone is lost or stolen, their hard-earned savings remain secure.”