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Thousands of mobile phones are stolen in the UK every year.
One phone is stolen in London alone every four minutes. While we wait Google’s smart AI solution to block phone thieves to launch, digital bank Monzo has announced a range of new app-based features to stop criminals from raiding your savings. if they manage to steal your mobile phone.
If your iPhone or Android device is unlocked when it’s stolen, thieves can gain access to many important features, including checking email (allowing them to access password reset emails), text messages (useful for all accounts with two-factor authentication ), making purchases in shopping apps, and even access some banking or payment apps to challenge your savings.
Monzo wants to stop criminalsfrom transferring or withdrawing money from your account – even if they have access to an unlocked phone. The new protections, the first of their kind for mobile banking, should block thieves for impersonation scams as well as those who steal personal data.
First, the new “known locations” feature lets you choose a location – such as your home or work address – where you’ll need to be in order to transfer money or withdraw savings above a certain limit. Using GPS data, the digital bank verifies that the device is located in one of these locations.
If not, it will block all transaction attempts.
Monzo also allows you to choose a trusted friend or family member (who also has a Monzo account) to be notified before sending or withdrawing money over your chosen limit. This person will be able to check if they think the payment looks safe or suspicious.
Phone theft has increased in selected UK cities, with thieves stealing one mobile phone every four minutes in the UK capital.
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All these tools will be optional, so if you want to continue to be able to transfer and withdraw any amount of money none location, then you can disable the new security.
Speaking about security innovations, Monzo’s chief engineer, Priyesh Patel, said the bank is trying to “get ahead” of fraudsters’ tactics by introducing new tools in the app.
“Whether it’s choosing a safe circuit with familiar locations or having a trusted contact review your payments before you make them, these features offer customers peace of mind and force a much-needed pause in high-stakes situations,” he said. he said.
UK bank Monzo, one of a number of new digital banks, has also unveiled a third new feature that will allow you to verify any payment by sending a ‘secret’ QR code to another device. You will need to scan the code in the Monzo app for the transaction to go through.
Monoz doesn’t have a high street presence with an iPhone or Android app used to manage your savings, direct debits and other tasks
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This means that if a thief has access to your phone, they won’t be able to make any payments without access to a second gadget, such as a laptop or tablet. Mr Patel added that there was “much more” to come after three new security checks were launched. Monzo has nine million customers in the UK.
According to the latest Met Police statistics, around 90,000 mobile phones will be stolen in London in 2022, or 250 a day.
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A separate survey last month from money insights provider Intuit Credit Karma found that around a tenth of people in the UK said they had been targeted by thieves over their phones in the past five years.
Meanwhile, fraud rates are spiraling across the country and banks are taking action to try to prevent people from losing their savings to fraudsters. Trade body UK Finance has found that criminals stole more than £1bn through unauthorized and authorized fraud last year.