Global: Revolut Introduces Enhanced In-App Verification to Combat Mobile Theft

Revolut has introduced an additional in-app identity verification feature designed to safeguard customers who have had their unlocked phones stolen or whose password and face recognition have been compromised.

This new “Wealth Protection” functionality, when activated, will verify the user’s identity against the selfie ID checks completed during the initial sign-up process with Revolut.

Typically, many banking apps rely on a single biometric authorization integrated into mobile devices, such as when opening the app. This system becomes entirely vulnerable if a thief gains access to the device and alters the registered fingerprint or facial recognition to their own.

Revolut’s new feature, which requires customers to opt-in, can be activated for Savings, providing an extra layer of security.

Woody Malouf, Head of Financial Crime at Revolut, highlighted the growing concern, noting that in London, a phone is stolen every six minutes.

“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. Our customers will be able to rest easy knowing that even if their phone is lost or stolen, their hard-earned savings are more secure,” Malouf stated.