Monzo rolls out new security rules in 'hugely welcome' move

Monzo has announced new security measures to stop customers from losing money to fraud. Monzo has rolled out three new features in the form of "Known Locations, Trusted Contacts and Secret QR codes".

Monzo says it hopes the features will "encourage" people to stop and think before they move money out of their bank account. With "Known Locations" customers can choose known locations like home or work that they need to be in when making bank transfers or savings withdrawals over their chosen limit.

If they are outside of their chosen locations, the transfer will not be completed. Trusted Contacts will see Monzo customers invite trusted friends or family members, who also use Monzo, to check whether a transaction over their chosen limit looks safe or is suspicious.

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The "Secret QR Code" measure will see users receive a personalised QR code that’s stored on a different device or printed and which they need alongside their phone to approve a payment or savings withdrawal. The QR code will then only work when scanned in the Monzo app.

Priyesh Patel, Senior Staff Engineer at Monzo, said: "As fraudsters become more and more sophisticated we're continuing to invest to outpace their tactics and keep our customers' money safe. 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."

Mark Tierney, CEO of Stop Scams UK said the new safety controls were "hugely welcome". In a statement, Mr Tierney told Monzo customers and account holders who are up and down the country: "By leveraging technology and expertise, these controls aim to stop fraudsters in their tracks before they can inflict harm and ruin people’s lives."