Revolut has bolstered its security features ahead of the festive season in an effort to mitigate an expected rise in phone-snatching and 'transfer mugging'.
The new feature, called 'Street Mode', will be offered to UK customers. Users can define 'trusted locations' such as their home while any locations not defined as safe will be subject to a one hour delay and additional ID checks.
Revolut has also expanded its wealth protecton feature which was launched in 2024.
According to research, phone snatching has surged in the UK with reported incidents rising by 425% since 2021. Part of the rationale for snatching is that thieves hope to be able to extract funds on mobile apps like Revolut while the phone is unlocked.
An additional tactic by thieves is to enage in 'transfer mugging' where victims are forced to perform the various ID checks needed to forward funds.
Rami Kalai, Product Owner at Revolut said: “It’s vital that we stay on top of emerging threats to customer funds and transfer mugging is one that is rising across many cities and countries," said Rami Kalai, product owner at Revolut
"Street Mode is a smart, location-aware shield that adapts to locations where customers need an extra level of protection and provides confidence on the go," he added.