Revolut launches new security feature ahead of festival season

26 Jun 2024

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With more than 2.8m customers in Ireland, Revolut is hoping to help users keep their money safe from pickpockets by adding an additional later of security.

Revolut has launched a new security feature in Ireland today (26 June) that aims to make it harder for criminals to access a user’s funds and savings after stealing their phone.

The digital bank said that users in Ireland now have the option to turn on Wealth Protection, a feature that it says adds “an extra layer” of in-app identity verification in case a user’s unlocked phone is stolen or if password and facial/biometric recognition is compromised.

Using its own facial recognition technology, Revolut will verify the identity of a user against the selfie ID checks that they completed when first signing up to the app.

Maurice Murphy, general manager at Revolut Ireland, said that new feature makes managing money “much safer and more reliable”.

“As we continue to further innovate on our market-leading banking experience, our focus will fervently remain on the security of our customers’ money,” said Murphy.

“The increase in balances for our recently launched Instant Access Savings deposit accounts emphasised the growing number of Irish customers that trust us with their money, and this new feature provides them with that extra layer of security, along with greater peace of mind.”

By far the most popular digital banking app in Ireland with 2.8m customers, Revolut has been growing rapidly and now has more than 40m users globally.

The UK-headquartered fintech recently said it expects to increase global employee headcount by 40pc this year by creating new jobs in key markets that will help it compete with legacy banks.

Revolut started the year with around 8,000 employees globally, which the company claimed had increased to more than 10,000 as of April. It expects to have around 11,500 on board by the end of 2024.

An investment trust managed by Schroders indicated in April that Revolut has a valuation that is up to 45pc higher than a year ago. The revaluation of its stake equates to an overall valuation jump from $17.7bn a year ago to around $25.7bn now.

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Vish Gain is a journalist with Silicon Republic