New Delhi, July 1: Monzo, a digital banking platform, has introduced new tools to safeguard its customers against phone thieves targeting their savings. Nowadays, a great number of people prefer mobile banking as the main method of dealing with their financial transactions. However, cases of stealing phones have increased a risk to security in online banking. The new app-based feature from Monzo is expected to protect its customer's savings from these risks. The introduction of the tool is in response to serious concerns about growing concern over the vulnerability of mobile banking to theft and fraud.

As per a report of Independent, Monzo's new security measures aim to tackle the issue of phone thieves raiding savings. The digital bank has acknowledged the need for effective security measures to protect its customer’s financial well-being in mobile banking. Monzo's new security measures are designed to protect users and enhance overall mobile banking security. Insurance Fraud in Mumbai: Multiple Companies Scammed Into Paying INR 69 Lakh After Woman Fakes Death Twice in Two Years, Probe Launched.

Monzo New App-Based Security Feature

The new features are designed to stop criminals from transferring or withdrawing money from customer’s accounts due to phone theft, impersonation scams or stolen personal information. The digital bank, Monzo, said these security tools are the first of their kind for mobile banking. One feature, called “known locations” to let its customers pick a place, like their home or work, where they need to be present in that place to transfer or withdraw money over a certain limit. Financial Scam in India: Nearly Half of Indians Experienced Financial Fraud in Last Three Years, Says Survey.

The bank uses tracking technology to check if the phone is in one of these places and blocks any transactions if it is not present in that location. Customers can also choose a trusted friend or family member with a Monzo account to be notified before they send or withdraw money over a limit. As soon as the tools are rolled out in the coming weeks, customers can begin using them on their apps.

(The above story first appeared on LatestLY on Jul 01, 2024 04:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).