UK-based neobank Monzo has unveiled three app-based security features, aiming to safeguard user accounts from criminals even in the case of phone theft.
The new security tools are designed to prevent criminals from transferring or withdrawing amounts from Monzo accounts by offering an additional layer of protection. The digital bank plans to officially roll them out over the coming weeks.
To begin with, customers will be able to use the new “known locations” feature to indicate a specific, safe location (like their home or their workplace) where they need to be when moving amounts of money over a certain limit.
Monzo will use tracking technology to identify if its customer’s phone is in one of the selected locations and block any transactions that fall outside the scope.
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