Revolut Introduces Enhanced Security Measure to Protect Customers' Savings from Pickpocketing
Revolut's new Wealth Protection feature provides an additional layer of identity verification to prevent thieves from accessing customers' savings in case of stolen or compromised devices.
FintechSecurityPickpocketingWealth ProtectionRevolutReal Estate PuneJun 26, 2024
Wealth Protection is particularly useful in cases where customers' unlocked phones are stolen, or their password and face recognition are compromised. Unlike many banking apps that rely on a single biometric authorization, Revolut's Wealth Protection feature verifies the user's identity against their selfie ID checks completed during the initial sign-up process. This prevents fraudsters from transferring money out of customers' accounts, even if their phone security has been compromised.
The feature requires users to opt-in and is encouraged to be enabled. Revolut is one of the first to implement such a feature, which is particularly important ahead of the busy summer travel and festival season, when the risk of theft at large-scale events and crowded tourist hotspots increases.
According to Revolut, physical theft accounted for 38% of all unauthorized fraud losses in 2023, while pickpocketing is on the rise globally. Customers are also at a higher risk of 'shoulder-surfing,' where fraudsters identify phone and banking-app passwords and use them to bypass security measures.
Maurice Murphy, General Manager at Revolut Bank UAB - Ireland Branch, stated, 'Wealth Protection makes managing money much safer and more reliable. Our focus remains firmly on the security of our customers' money, and we will continue to innovate and improve our market-leading banking experience.'
Revolut has over 2.8 million customers in Ireland and has recently launched an Instant Access Savings deposit account, which has seen significant interest.
Information
Revolut is a global fintech company that provides a range of financial services, including banking and savings products. Revolut Bank UAB - Ireland Branch is the Irish subsidiary of Revolut.
Revolut is a leading fintech company that provides innovative financial services to customers worldwide. With a strong focus on security and customer experience, Revolut aims to make managing money easier, safer, and more reliable.
Frequently Asked Questions
What is Wealth Protection?
Wealth Protection is a security feature launched by Revolut to prevent pickpockets and phone snatchers from accessing customers' savings in case of stolen or compromised devices.
How does Wealth Protection work?
Wealth Protection verifies the user's identity against their selfie ID checks completed during the initial sign-up process, preventing fraudsters from transferring money out of customers' accounts, even if their phone security has been compromised.
Is Wealth Protection optional?
Yes, Wealth Protection requires users to opt-in and is encouraged to be enabled.
Why is Wealth Protection important?
Wealth Protection is important because physical theft accounted for 38% of all unauthorized fraud losses in 2023, and pickpocketing is on the rise globally.
Who is eligible for Wealth Protection?
Wealth Protection is available to all Revolut customers in Ireland.
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