Revolut, the global neobank and forex app, has released a first-of-its-kind in-app identity verification system designed to prevent thieves from accessing funds set aside in customers’ savings accounts.
Dubbed ‘Wealth Protection’, the biometric face-scanning feature promises an added layer of security for those Revolut users who have lost their phones or had them stolen, and have had their home screen access passwords or face recognition protections compromised.
The feature, which can be toggled on or off by users, verifies users’ identity against the selfie they uploaded (for ID/KYC checks) when initially signing up to Revolut.
The security feature is designed to prevent fraudsters from transferring money out of users’ Pockets – a goal savings feature where users can allocate short-term savings.
Revolut says it will be one of the first financial institutions to implement this security feature.
The fintech reports that physical theft was responsible for more than one in three (38 per cent) of all unauthorised fraud losses over AU$40,000 in the last 12 months.
Customers, Revolut warned, are also at a heightened risk of ‘shoulder-surfing,’ where fraudsters first identify phone and finance-app passwords and then use this to bypass security measures, or simply in having their phone taken and used whilst unlocked.
Nelson Yiannakou, Revolut Australia’s head of financial crime, said the Wealth Protection feature was built specifically to counteract theft.
“Our customers will be able to rest easy knowing that even if their phone is lost or stolen, their funds are more secure.”
