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News and resources on cyber and physical threats to banks and fintechs worldwide.

Revolut adds new in-app verification layer to counteract theft from stolen mobiles

Revolut has added an extra layer of in-app identity verification designed to protect customers who have had their unlocked phone stolen, or password and face recognition compromised.

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Revolut adds new in-app verification layer to counteract theft from stolen mobiles

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

When turned on, the new 'Wealth Protection' functionality will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut.

Many banking apps rely on just one biometric authorisation 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.

The new feature in the Revolut app, which requires customers to opt-in, can be turned on for Savings.

Woody Malouf, head of financial crime at Revolut, says 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.”

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Comments: (1)

Hitesh Thakkar

Hitesh Thakkar Technology Evangelist (Financial Technology) at SME - Fintech startups (APAC and Africa)

Moment the device stolen, customer gets another SIM and deactivate the stolen phone SIM.

If SIM based cryptography is used as second factor authentication then risks of stolen devices for transactions gets de-risk.

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