Revolut Partnered with Sidemen to Launch Two Limited Edition Cards

Revolut, a global financial super app, recently announced a partnership with the Sidemen to introduce two distinct cards with a variety of benefits for followers of the influencer sensations.

The Sidemen cards offer users 10% cashback on all Sidemen brands, including XIX Vodka, SDMN apparel, and Sides restaurants, in addition to all the advantages of a Revolut card, such as no hidden costs and the best exchange rates. Customers who purchase the limited edition cards through the Revolut app starting on July 16th, 2022, will also receive 3 months of Side+, the exclusive membership club for Sidemen, for free.

Shirin Krall, Global Head of Retail Marketing, Revolut, stated, “We’re excited to announce our partnership with the Sidemen today. Having followed the Sidemen for some time, we believe that there is a lot of resonance between the Revolut and Sidemen brands, and we’re excited to see them come together for this “defy expectations” campaign.To offer the Sidemen’s audience even more benefits, we collaborated with the Sidemen on two special edition cards that will offer cashback on Sidemen products and access to the Side+ exclusive membership community. These cards will be offered free of charge to new customers upgrading to our Metal plan.”

People in the UK and Europe can join up for the Revolut app, which is available on Google Play and the App Store, download it, and acquire the Sidemen cards. Customers may either sign up for the Metal Revolut plan for £12.99 per month and receive the Metal Sidemen card free, or they can choose the Standard/Free Revolut plan to purchase the Standard Sidemen card for £10.99. Metal Sidemen cards are also available for £39.99 from existing Metal customers.

With Revolut Metal, users can maximize the value of their funds and receive up to 1% cashback in any currency. Cashback on lodging, unrestricted currency conversion, and access to airport lounges will allow customers to travel like VIPs. Revolut Metal customers are protected with medical, delayed departure, and lost baggage insurance in case the worst happens while they are on vacation. Customers of Metal who use Revolut Stays to plan their vacation will also receive 10% cashback.

Read: Card Management System and its Features Explained

Need of Cybersecurity in Digital Banking  

Cybersecurity has always been a major concern since the advancements in the digital world have become popular. Since everything has become digital this has made a few realizations that not everything online is safe, there are a lot more threats online than there were traditional.

With the rise of the internet, cybersecurity has always been a major concern. Due to the widespread adoption of electronic communication methods, consumers have realized that digital activities do not provide comprehensive digital security to avoid cyber threats.

What is Cybersecurity?

Cybersecurity is the activity of defending digital systems and devices from malicious attackers. It has grown in importance for financial institutions that focus on providing their services online to safeguard their customers’ assets and online financial transactions. Attackers may leverage even the smallest breach to identify a vulnerability in the organization’s systems, severely harming users’, and digital banks’ important data. A strategy aligned with procedures enables digital banks to guarantee the security of the sensitive data kept in their systems, preventing severe financial damage to their consumers, and ensuring a reliable reputation among stakeholders.

Why Cybersecurity is necessary for Digital Banking?

Digitization has had a significant impact on banking technology, which has resulted in several challenges. Cybersecurity threats are a major one. Daily, Financial Institutes process millions of transactions. Therefore, financial services providers like banks, credit card companies, credit unions, and investment firms must implement preventative security measures to protect their data from cyberattacks.

A successful digital revolution depends on the use of data-protection techniques and practices. Banking activities relies on trust and credibility; thus, it’s the cybersecurity is even more critical.

Everyone is going cashless, utilizing debit and credit cards. In this scenario, it’s crucial to implement cybersecurity safeguards to secure the customers’ data and privacy. Data leaks make financial institutions untrustworthy and that’s a concern for banks. Weak cybersecurity can lead to data breaches that drive customers away. When bank data is breached, customers lose time and money, and the recovery activity which includes canceling cards and examining statements is very time-consuming. Even if the cards are canceled, and fraud is stopped, customer data is sensitive and could be exploited against customers. That’s why banks, more than any other firm, need to be on their guard more than most other financial institutes.

 Cyberthreats for financial institutions in digital banking

  • Identity Theft

Since it is so simple to steal someone’s online footprint, there has been a high incidence of identity thefts throughout time. As an illustration, people who have stolen credit cards will be capable of making transactions online, while they won’t be able to make them in person due to security measures put in place by MasterCard, Europay, and Visa (EMV). Cyber attackers can steal identities with or without a credit card. Attackers may intrude on financial firms’ databases to take consumer account information. In other words, thieves won’t need to interact personally with the victims to steal their identities.

  • Malware

Computers and mobile devices, which are end-to-end customer appliances and are frequently used for online payments, should be protected. If it is connected to malware, connecting to your system could put the bank’s cyber security in danger. This network carries sensitive information, and if a user’s device has malware installed on it, that virus might pose a major threat to the bank’s network in the absence of adequate security.

  • Data Manipulation

One common misconception regarding cyber-attacks is that they exclusively concern themselves with data theft. However, given that data manipulation assaults have increasingly increased in popularity as a technique of attack for hackers, this is not always the case. Attacks involving data manipulation occur when a risky actor acquires access to an objective system and modifies data covertly for their gain. An illustration of this would be if a worker changed client information. This will probably go unnoticed because the transactions will seem legitimate, which will cause mistakes in the way that data is stored going forward. The more damage the manipulation does, the longer it remains unnoticed.

Cybersecurity Framework

Cyber security framework for banks varies based on the individual demands and threats of each bank. It’s important to note that the National Institute of Standards and Technology (NIST) has produced a Cybersecurity Framework for banks, as has the Payment Card Industry Data Security Standard (PCI DSS).

For the most part, banks should search for a comprehensive and adaptable cyber security framework to customize it to their risks and requirements. As threats and vulnerabilities evolve, the framework should be adjusted accordingly.

More new advancements and innovations are being created in the field of cyber security because of increased understanding, investments, and progress in technology. Financial institutions can protect their data from hackers thanks to developments in technology and emerging cybersecurity trends.

In the next blog, we’ll look at the most popular developments/trends in cyber security.

 Read: Digital Banking Platforms-A New and Rising Trend in Industry

Rabobank to Provide Digital Financial Planning with InvestCloud

InvestCloud has unveiled that it’s supporting Rabobank, one of the Netherlands’ largest banks to provide digital financial planning to its entire customer range, from banking to retail ones.The highly customizable life plans that Rabobank’s online and mobile app users may construct will enable advisers to help their customers reach their financial objectives without the need to produce time-consuming and expensive proposals.

InvestCloud is a California founded organization that digitally transforming financial industry with its singular, no-code software platform. The platform leads to digital and commerce enablement within the financial industry. With its cloud-native and multi-tenanted platform, it is changing the approach to digital for world’s largest banks, wealth managers, and asset managers.

John Wise, CEO, InvestCloud, stated, “Rabobank shares our belief that everyone should have access to a financial plan, no matter their level of income. We’re thrilled to be partnering with them, helping further their bold ambitions to digitize client services and support millions in the Netherlands to better plan and invest in their futures and to achieve their life goals.” 

People who use intelligent goal-based financial planning are given a road map to help them reach their unique life milestones, such as early retirement, a child’s education, international travel, or a personal objective. The integration of pension data, feasibility calculations and graphs, and automatic savings, investment, and annuity proposal suggestions are some of the key aspects.

The collaboration with another significant European bank reaffirms InvestCloud’s dedication to fostering digital-driven change and providing individualised wealth experiences throughout the continent. A digital Financial Supermarket that revolutionises the purchasing and selling of financial products is part of its next-generation product suite, InvestCloud X, which delivers end-to-end digitalization of wealth, from digital communication to digital planning.

Read: Measures for a Safe and Secure Digital Banking Experience