Revolut has enhanced its security features ahead of the festive season, aiming to curb a predicted rise in phone-snatching and ‘transfer mugging’.

The UK fintech firm has introduced a new feature, dubbed ‘Street Mode’, designed to protect users in public spaces.

According to Finextra, the tool allows customers to define ‘trusted locations’, such as their home.

Any locations not marked as safe are then subject to a one-hour delay for transactions, alongside additional identity verification checks.

The move comes as phone-snatching incidents in the UK have surged dramatically, with reports rising by 425% since 2021.

Criminals often target mobile banking apps like Revolut, hoping to extract funds while the victim’s phone is unlocked.

Another growing threat is ‘transfer mugging’, where victims are coerced into completing the necessary ID checks to forward money.

Revolut has also expanded its Wealth Protection feature, which was first launched in 2024, further strengthening safeguards for users’ funds.

Rami Kalai, Product Owner at Revolut, commented:

“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.”

He added:

“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.”

The enhancements reflect a broader trend in fintech, as companies increasingly adopt proactive measures to secure users against evolving criminal tactics.

With the festive period traditionally seeing higher levels of mobile theft, Revolut’s new security options aim to provide reassurance for those making transactions in public areas.

By combining location-based protections with expanded verification processes, the app seeks to make mobile banking both safer and more flexible for customers on the move.

Featured image credit: Edited by Fintech News Switzerland, based on image by appshunter.io via Freepik