Monzo making three security changes to app to combat fraud
The online banking firm is updating its app with three 'industry-first' security controls that promise to make your account more secure than ever
Monzo has announced three major updates it is making to its app that are designed to enhance security. The digital bank is introducing the 'industry-first' security measures over the coming weeks and customers can opt-in if they wish.
Consumer champion Which? has listed everything users need to know about the three new anti-fraud tools. The aim is to bolster the security of users' phones and to further protect users from scammers.
The news follows previous reports by Which? that highlighted the rise in phone thieves being able to access people's financial accounts due to 'lax bank app security'. However, it is hoped that Monzo's fresh set of security tools will safeguard customers' money from potential fraudsters and thieves, reports the Daily Record.
1. Known locations
Customers will have the opportunity to select a known location, such as their home or workplace, where they can carry out bank transfers or savings withdrawals exceeding their daily limit.
2. Trusted contacts
Customers can nominate individuals, who must also be Monzo users, to verify if a transaction made from your account appears safe. Your nominated friend or family member will receive a request to check the transaction.
We use your sign-up to provide content in ways you’ve consented to and improve our understanding of you. This may include adverts from us and third parties based on our knowledge of you. More info
3. Secret QR codes
These will be stored on a separate device or printed copy, and will need to be scanned to authorise any payment or withdrawal. These three measures are additional to the usual biometric and/or pin authentications already available on the app.
This is an optional addition when it comes to the security of your account, but if you do decide to use this new feature, you'll need to set up daily allowances for bank transfers and withdrawals from your money pots.
You need to have two of the three features set up to use and if you're wanting to transfer or withdraw without fitting the criteria then you will be blocked from moving money from your account.