UK digital bank Monzo introduces app-based security features to combat phone theft and fraud.

Monzo, a UK digital bank, has unveiled new app-based security features to thwart fraudulent transactions following mobile phone theft. These include "known locations" where customers can specify their location for transactions, a "trusted contact" to review payments, and a "secret QR code" authentication method. These features, unique to mobile banking, aim to tackle phone theft and fraud.