Revolut has dropped a new security feature designed to help protect customers from theft in instances of phone snatching and transfer mugging, providing an added layer of safety for people using the app in public.

An expansion of Revolut’s existing Wealth Protection feature, the fintech giant’s new ‘Street Mode’ tool delays outgoing transfers while away from trusted locations, with the app asking for extra confirmation to ensure an account holder is in control.

After toggling the feature on in their profile, users can define their own ‘Trusted Locations’ and set a transfer limit, with any transactions above this cut-off subject to a one-hour delay as well as identification checks.

Describing the new location-aware feature as akin to an ‘anti-theft backpack’, Revolut said that these protections will create a critical window of time where fraud can be stopped by preventing customer funds from being transferred while under duress.      

Launching ahead of the busy shopping and holiday season, when crowded shopping streets and Christmas markets provide ample opportunity for fraudsters, Revolut said that Street Mode has been designed to tackle evolving fraud tactics that exploit the convenience of digital payments.

Phone thefts in the UK have risen 425% since 2021, with nearly half occurring in London, which alone represented 16% of all thefts across Europe over that time.

Last year, the UK Government pledged to crack down on phone theft, proposing measures from coordinated intelligence operations against organised crime to urging tech firms to develop new anti‑theft features

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While stolen devices themselves are worth millions in lost hardware, these kinds of incidents put people’s funds at risk as criminals aim to make transfers while the phone remains unlocked, allowing them to bypass sophisticated protections.

In some cases, victims have even been forced to complete required selfie checks, a phenomenon known as ‘transfer mugging’, a crime which makes the immediate biometric identification embedded in most apps ineffective.

“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. Street Mode puts Revolut customers in control with extra layers of protection for their funds when they need it most.”