- Revolut introduces Wealth Protection to safeguard customers’ savings.
- The feature aims to counter rising incidents of phone theft and pickpocketing.
- It enhances security by verifying identity through selfie ID checks.
OUR TAKE
Revolut’s latest move to combat phone theft strikes a deeply personal chord with me. As someone who relies heavily on my phone for everything from banking to communication, the thought of it falling into the hands of a thief sends shivers down my spine. With Wealth Protection, Revolut isn’t just offering a security feature; they’re providing peace of mind. It’s like having a guardian angel watching over your hard-earned savings, even in the chaos of everyday life.
–Dudu, BTW Reporter
Revolut, the UK fintech giant, has launched a pioneering biometric identification feature, Wealth Protection, to bolster the security of its customers against the growing menace of phone theft and pickpocketing.
Revolutionary security measure
Revolut’s latest move comes as a response to the alarming statistics revealing a surge in physical theft, with phones being snatched every six minutes in London alone. Traditional security measures, relying solely on biometric authentication during app access, leave users vulnerable if their devices fall into the wrong hands.
Also read: What is multi-factor authentication?
Wealth orotection: A shield against fraud
The Wealth Protection feature introduces an additional layer of security by cross-referencing customers’ identities with their initial selfie ID checks, thereby thwarting attempts by fraudsters to siphon funds from their accounts even in the event of stolen or compromised phones.
Also read: Understanding the purpose of security patches and updates
Taking a stand against financial crime
Woody Malouf, head of financial crime at Revolut, emphasised the company’s commitment to combatting fraud and ensuring the safety of customers’ assets. He remarked, “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.”
Enhanced customer security
Wealth Protection forms part of Revolut Secure, a comprehensive suite of security features empowering users with greater control over their financial safety. Alongside this innovation, Revolut boasts a formidable arsenal of AI models and a dedicated team of anti-financial crime professionals, ensuring proactive measures against potential threats.
