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Revolut launches asset protection

Revolut will launch Asset Protection as part of Revolut Secure. The facility combines advanced security features to give customers more control over how their money is protected.

Wealth Protection helps protect customers who have had their unlocked phone stolen or had their password and facial recognition compromised.

Revolut says many banking apps rely on just one biometric authorization, such as facial or fingerprint recognition built into mobile devices. This is usually used when opening the app. But Revolut says that leaves it completely vulnerable if a pickpocket gains access to the device and changes the registered fingerprint or image to its own.

Advanced facial technology

When enabled, Wealth Protection will verify the user’s identity against the selfie ID checks the customer completed when they first signed into Revolut. This will significantly hinder fraudsters’ attempts to transfer money from their savings accounts, even if their phone security has been compromised. The feature, which requires customers to sign in, can be enabled to save.

Revolut will be one of the first to implement this feature. It does this ahead of the busy summer travel and festival season, which brings a greater risk of theft at large-scale events and busy tourist hotspots.

Physical theft: responsible for 38% of all unauthorized fraud losses by 2023

Pickpocketing is on the rise worldwide and customers are also at increased risk of ‘shoulder surfing’. This is where fraudsters first identify phone and banking app passwords and then use them to bypass security measures, as well as take their phone while it is unlocked. According to Revolut, more customers than ever are using its savings accounts and features. On average, customers keep 2.6x more money in their savings account than in a checking account.

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Woody Malouf, head of financial crime at Revolut, said: “We take fraud and financial damage very seriously. With phone thefts on the rise, Wealth Protection is designed to combat theft by giving our customers an extra layer of security when you’re on the go this summer. Our customers can rest assured that even if their phone is lost or stolen, their hard-earned savings will be safer.”

By 2023, Revolut says it has prevented more than £475 million of potential fraud against its customers.