This move is a response to the recent rise in phone snatching across big cities and the continued threat of phishing scams, especially in the financial service sector.
The improvements aimed at tackling phone theft and phishing scams include features such as lost device, second device login, and transaction limits. In the event of a customer losing or having their phone stolen, securing their device, data, and access to their mobile banking app is an important step. Revolut now has the ability to quickly restrict access to a customer’s solen of lost phone. With the lost device feature, retail customers can report a theft or a loss by visiting Revolut’s website from any web browser or by accessing the app through a friend’s phone, for instance. They will be required to verify their identity, select the device or cards they wish to lock, and change their passcode.
Phishing attacks often result in criminals gathering enough information to gain access to customers’ financial accounts. To prevent this, Revolut is deploying multi-factor authentication, including biometric checks. Second device log-in notifications will inform customers of any access to their account from another device. After passing a biometric check, users will be able to restrict access on the specific device and subsequently update their passcode.
Transaction limits, which are set to launch in the upcoming weeks, enable users to set restrictions on their accounts, card payments, and transfers, which reset every 24 hours. This capability prevents criminals from emptying an account of its funds in the rare event they have access to it. For customers who exceed their self-imposed limits, a biometric check will be required. This feature, together with the wealth protection capability launched in 2024 by Revolut, improve fund protection with an additional layer of control.
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