Popular trading app Revolut has developed a new layer of defense meant to prevent bad actors from stealing money from customers who had their phones stolen. To combat the issue, Revolut has added an extra layer of in-app identity verification.
Mobile Thefts On The Rise
The number of stolen phones has been on the rise for years. According to reports using the data from 2020/2021, the number of lost or stolen phones was up compared to the years before. Around 62.5% of phones were simply misplaced, but the number of phones stolen during home invasion climbed up to 14.16% from 12.77% in 2019.
The percentage of phones stolen in robberies or pickpocketing incidents is also up to 5.27% and 9.79%, respectively.
Revolut’s concern lies with the fact that many of the stolen phones could be left unlocked, or even if they had passwords or face recognition as security measures, they could be compromised relatively easily.
This is why the app added the Wealth Protection functionality, which, when turned on, will verify the identity of the user against the selfie ID checks that the customer had to complete when they first signed up to be the app’s customer.
Default Mobile Security Is Not Enough
Most banking apps typically rely only on one biometric authorization that is built into the mobile device itself. Typically, users are required to pass this check when they are opening the app.
After they get in, the app remains completely vulnerable, so if the phone gets stolen by a pickpocket, they could gain access to the device and replace the rightful owner’s fingerprints or image with their own.
Revolut’s new feature will, therefore, definitely increase the security of the app, and prevent everyone but the account owner from accessing it. However, the customers will have to opt in, as it won’t be turned on by default.
Revolut’s head of financial crime, Woody Malouf, commented on the matter, saying that in London alone, a phone is stolen every six minutes on average. What’s more, he confirmed that phone thefts are on the rise, so a trend recorded by the 2020/2021 research has not changed.
“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,” he concluded.