An online bank has launched a new safety feature to prevent phone thieves from transferring large sums of money.

Monzo has implemented a new security measure so that their customers' savings could be protected if their phone was stolen.

They can now choose certain locations they need to be in, such as in their home, to transfer money or withdraw savings over a certain limit.

Through tracking technology, Monzo can establish if the customer's phone is not in the selected location and halt any transaction attempts.

The bank, which has nine million customers, said the security control tools were the first of their kind, as reported by Sky News.

What other security measures do Monzo have?

Customers can also choose to invite a trusted friend or family member to review a transfer or withdrawal over a chosen limit.

This trusted individual can then assess if the payment appears safe or suspicious.

Alongside that, Monzo unveiled a new security measure whereby customers can choose to authenticate a payment by getting a QR code sent to a different device.

Priyesh Patel, a senior engineer at Monz, said: "Whether it's choosing your safety radius with known locations or having a trusted contact sense-check your payments before you make them, these features offer customers peace of mind and force a much-needed moment of pause in a high-stakes situation."

As reported by The Express, Mr Patel announced there was "much more to come" following the introduction of the trio of new security measures, which require customer activation.

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The new features have come in following an increase in phone theft around the UK, with particularly high levels in London.

Approximately 90,000 mobile phones, or 250 a day, were stolen in London in 2022, according to the latest statistics from the Met Police.

Meanwhile, a recent survey conducted last month by money insights firm Intuit Credit Karma revealed that approximately one-tenth of UK residents have been targeted by phone thieves within the past five years