Revolut Introduces ‘Wealth Protection’ for Enhanced In-App Security
Revolut has introduced a new in-app identity verification feature called 'Wealth Protection' to enhance security for customers in case of phone theft or compromised passwords and facial recognition.
This feature, once activated, verifies the user’s identity against the selfie ID taken during their initial Revolut sign-up.
Unlike many banking apps that rely solely on a single biometric authentication built into mobile devices, Revolut’s new feature adds an extra layer of protection.
This is crucial because if a thief gains access to the phone, they can change the fingerprint or facial recognition settings.
The Wealth Protection feature requires users to opt-in and can be activated for their savings accounts.
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According to Revolut’s head of financial crime, phone thefts are on the rise, with a phone stolen every six minutes in London.
The new security measure aims to counteract this by providing an extra layer of security, ensuring that customers’ hard-earned savings are more secure even if their phone is lost or stolen.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
