Revolut, a leading global fintech, is launching Wealth Protection, a new feature aimed at safeguarding customer savings from pickpockets and phone snatchers. Timed ahead of the summer travel and festival season, Wealth Protection adds an extra layer of security to the Revolut app.
Unlike typical banking apps that rely on single biometric verifications, Wealth Protection employs advanced facial recognition technology. This means even if a thief gains access to an unlocked phone and alters biometric data, the feature re-verifies identity against initial selfie ID checks during sign-up. Customers must opt-in, and once activated, Wealth Protection continuously monitors and verifies identity for savings accounts, making it extremely difficult for fraudsters to withdraw funds, even if phone security is compromised.
The timing of Wealth Protection’s launch is strategic, given the heightened risk of theft during summer events. Physical theft accounted for 38% of unauthorized fraud losses in 2023, with cities like London experiencing a phone stolen every six minutes. Wealth Protection aims to address this by providing an additional security barrier against 'shoulder-surfing' attacks, where thieves observe and steal phone and app passwords.
Woody Malouf, Head of Financial Crime at Revolut, emphasizes the company's commitment to combatting fraud: “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.”
Revolut's broader security efforts include AI-driven fraud detection models, over 4,000 trained anti-financial crime professionals, and a team of fraud specialists and data scientists. In 2023, Revolut prevented over £475 million of potential fraud.
As more customers rely on Revolut’s savings accounts, Wealth Protection becomes a crucial tool in securing their finances. It sets a new standard for financial protection in the digital age, reaffirming Revolut's commitment to providing innovative and secure financial solutions for its global customer base.
