Revolut, the global fintech with over 2.8 million customers in Ireland and 40 million globally, has launched Wealth Protection in Ireland, an extra layer of in-app identity verification, designed to prevent thieves from accessing the money customers have within the Savings & Funds* or Pockets** sections of their Revolut app.
Wealth Protection will help to further protect customers who have had their unlocked phone stolen, or password and face recognition compromised, and stops criminals from withdrawing customers’ hard earned money.
Many banking apps rely on just one biometric authorisation (like facial or fingerprint recognition) built into mobile devices, usually when opening the app. However, if a pickpocket gains access to the device and changes the registered fingerprint or facial image to their own, this could be bypassed.
Revolut is going one step further with its advanced facial technology. When turned on, Wealth Protection will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut. This helps to stop fraudsters transfering money out of their Savings & Funds or Pockets — even if their phone security has been compromised. The Wealth Protection feature requires users to opt-in and customers are encouraged to enable it.
Revolut will be one of the first to implement such a Wealth Protection feature and is doing so ahead of a busy summer travel and festival season, bringing with it greater risk for theft at large-scale events and crowded tourist hotspots. Physical theft was responsible for 38% of all unauthorised fraud losses in 2023 and pickpocketing is surging globally.
Customers are also at a heightened risk of ‘shoulder-surfing,’ where fraudsters first identify phone and banking-app passwords and then use this to bypass security measures, as well as having their phone taken whilst unlocked.
Woody Malouf, Head of Financial Crime at Revolut, commented: “We take fraud and financial loss incredibly seriously. With phone thefts on the rise, Wealth Protection is built to counteract theft by providing our customers with that extra layer of security when they’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 funds are more secure.”
Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: “Put simply, Wealth Protection is a feature that makes managing money much safer and more reliable. As we continue to further innovate on our market-leading banking experience, our focus will fervently remain on the security of our customers’ money. The increase in balances for our recently launched Instant Access Savings deposit accounts emphasised the growing number of Irish customers that trust us with their money, and this new feature provides them with that extra layer of security, along with greater peace of mind.”
Wealth Protection is launching this month as part of Revolut Secure, which brings together Revolut’s cutting-edge security features to give customers more control over how their money is protected.
Revolut also has robust protections in place for customers behind the scenes including AI models, more than 4,000 trained anti-financial crime professionals and an experienced team made up of fraud specialists, data scientists, and ex-law enforcement. In 2023, Revolut prevented over €550m of potential fraud against its customers globally and is consistently working on updating protections to stay one step ahead of fraudsters.
