Monzo making three security changes to app to combat fraud

Monzo
-Credit: (Image: PA Media)


Monzo has announced it is introducing three new security features to its app that customers can opt into. The online bank, is updating its app with three ‘industry-first’ security controls that promise to make your account more secure than ever.

Consumer group Which? has explained what the three new anti-fraud tools are and what users can expect over the coming weeks. It is hoped that the updates will keep users' phones just that little bit more secure.

It comes as Which?, previous reports, has highlighted how easy it is for phone thieves to get into people’s financial accounts due to weak bank app security. But it is hoped that Monzo’s new trio of security tools will keep people’s money safe from potential scammers and even thieves.

1. Known Locations

Customers will be given the chance to choose a known location, such as a workplace or their home, where they will be able to make bank transfers or savings withdrawals over your daily allowance.

2. Trusted contacts

This person must also be a Monzo user, but customers can nominate people to check if a transaction made from your account looks safe, your friend or family member will be sent a request where they can check the transaction.

3. Secret QR codes

This will be kept on a separate device or be a printed copy, and will need to be scanned to approve any payment or withdrawal. All three measures are extras on top of the usual biometric and/or pin authentications customers already have 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.