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.
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.”