Global banking platform Revolut has announced three new security enhancements to its in-app security hub, Revolut Secure, aiming to strengthen protection against fraud and phone theft. The updates come in response to a rise in phone thefts in major cities and an increase in phishing scams targeting financial services customers.
According to France’s National Crime Observatory, 600,000 phones are stolen annually, and phishing-related fraud cases increased by 38% in 2023. These threats contribute to unauthorized transactions, where funds are accessed without the account holder’s consent. Revolut’s new security features directly address these risks.
Lost device protection: Secure your account instantly
One of the key additions is the Lost Device feature, allowing customers to quickly restrict access to their Revolut account if their phone is lost or stolen. Users can report the incident via the Revolut website or a friend’s phone, verifying their identity and locking their device and payment cards.
Advanced fraud alerts and transaction limits for extra protection
The second enhancement, Second Device Login Alerts, protects against phishing scams by notifying customers if their account is accessed from an unfamiliar device. If unauthorized access is detected, users can take immediate action to revoke access and reset security credentials, with biometric verification required for added protection.
Lastly, the Transaction Limits feature, set to launch soon, enables customers to impose daily restrictions on account withdrawals, card payments, and transfers. This extra safeguard prevents criminals from rapidly depleting funds in case of a security breach. Exceeding these limits will require biometric authentication.
"These enhancements provide an added layer of security for our customers, ensuring they remain protected from evolving threats," said Woody Malouf, Revolut’s Global Financial Crime Director.
Revolut’s commitment to fraud prevention and financial security
Revolut continues to invest heavily in fraud prevention, employing advanced AI systems and a dedicated financial crime team. In 2023 alone, the company prevented over £475 million in potential fraud.
