Revolut unveils new security feature ahead of summer travel season

New biometric identification feature will protect customers’ savings from pickpockets and phone snatchers

New Revolut feature to block pickpockets and phone snatchers from accessing customer savings ahead of summer travel season

• Revolut is introducing Wealth Protection, a new biometric identification feature to protect customers’ hard earned savings from pickpockets and phone snatchers

• Revolut’s Wealth Protection is launching this month ahead of a busy summer season for travel and festivals, where consumers are often at a higher risk of phone theft 

• Revolut will be one of the first to implement this feature, with customers on average holding 2.6x more money in their savings vs current account. 

• Wealth Protection is launching as part of Revolut Secure, which brings together cutting-edge security features to give customers more control over how their money is protected

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Global fintech firm Revolut has revealed its new solution to protect travellers from theft.

Wealth Protection is an extra layer of in-app identity verification, designed to prevent thieves from accessing customer savings within the Revolut app. 

It will mean that travellers who have had their unlocked phone stolen, or password and face recognition compromised, will not lose money from their accounts. 

Many banking apps rely on just one biometric authorisation (like facial or fingerprint recognition) built into mobile devices, usually when opening the app, which is then completely vulnerable if a pickpocket gains access to the device and changes the registered fingerprint or image to their own. 

Revolut has ensured Wealth Protection will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut, hampering fraudsters' attempts to transfer money out of their savings accounts, even if their phone security has been compromised. 

The feature, which requires customers to opt-in, can be turned on for savings. 

This move will see Revolut to be the first to implement this feature. 

Woody Malouf, Head of Financial Crime at Revolut, said: “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. 

"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.” 

Wealth Protection is launching this month as part of Revolut Secure, which brings together Revolut’s security features to give customers more control over how their money is protected. 

Revolut revealed it prevented over £475M of potential fraud against its customers.