NEWS
New Revolut feature to block pickpockets and phone snatchers from accessing customer savings ahead of summer travel season
Revolut , the global FinTech with over 8 million UK customers and 40 million globally , has introduced Wealth Protection , an extra layer of in-app identity verification , designed to prevent thieves from accessing customer savings within the Revolut app . Wealth Protection will help protect customers who have had their unlocked phone stolen , or password and face recognition compromised , and stops criminals from withdrawing customers ’ hard earned savings out of their accounts .
Many banking apps rely on just one biometric authorisation ( like facial or fingerprint recognition ) but Revolut is going one step further with its advanced facial technology . When turned on , Wealth Protection will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut , significantly hampering fraudsters ’ attempts to transfer money out of their savings accounts , even if their phone security has been compromised .
Physical theft was responsible for 38 % of all unauthorised fraud losses in 2023 and pickpocketing is surging globally . In London , for example , a phone is stolen every six minutes . Customers are also at a heightened risk of ‘ shoulder-surfing ,’ where fraudsters first identify phone and banking-app passwords and then use this to bypass security measures , as well as having their phone taken whilst unlocked .
Woody Malouf , Head of Financial Crime at Revolut , said : “ 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 .”
SumUp and Adyen partner to bring faster payouts to millions of SMEs globally
Adyen , the financial technology platform for larger businesses and SumUp , a global leader in financial technology for small merchants , have joined forces in a strategic partnership to offer a payment experience and accelerated settlements for millions of small businesses worldwide .
With this partnership , SumUp builds on its existing near-instant settlements offering for SumUp merchants and scales this benefit to millions of small and micro merchants in Europe and the UK , giving them faster access to their money and ensuring full control over their finances .
Through the expansion of accelerated settlements in cooperation with Adyen , SumUp will provide even more of its users with access to industry-leading same day settlements , seven days a week , 365 days a year . This means that SMEs will receive their funds within minutes rather than within days after a sale . This initiative provides small businesses with faster access to funds , reducing the need for large working capital reserves and addressing critical cash flow needs . 79 % of SME platform users place a high value on faster access to funds and have expressed their demand for same-day payouts , according to the Embedded Finance Report : How platforms are revolutionising SMB banking , 2022 .
“ This partnership is one of a kind as we join forces as major payments players to give SMEs the ability to settle at incredible speeds ,” said Alexa von Bismarck , President EMEA at Adyen . “ Cash flow is of the utmost importance for small business owners , and we are proud of being selected by SumUp as their partner on this mission .” www . intelligentfin . tech
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