Revolut is introducing Wealth Protection, a new biometric identification feature designed to protect customers’ savings from pickpockets and phone snatchers.

This feature is being launched ahead of a busy summer season for travel and festivals, where consumers face a higher risk of phone theft.

Revolut announced that Wealth Protection will add an extra layer of in-app identity verification. The feature will help protect customers whose phones are stolen while unlocked or whose password and face recognition details are compromised.

Most banking apps rely on a single biometric authorisation, such as facial or fingerprint recognition, which can be easily exploited if a thief gains access to the device and changes the registered biometric data. Revolut’s Wealth Protection uses advanced facial technology to verify the user’s identity against the selfie ID checks completed when first signing up to Revolut.

Revolut is introducing this feature ahead of the summer travel and festival season to address the increased risk of theft at large-scale events and crowded tourist hotspots.

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