A trio of industry-first security tools to help stop fraudsters in their tracks šŸ”

Hey @andrew_fishy :wave:

If you turn off your added security and set it up again, you’ll be able to generate a new secret QR code. There’s an option at the bottom of the settings screen :arrow_heading_down:

We’re thinking about how we can make regenerating QR codes easier in the future!

11 Likes

If this is to stop someone transferring money if they have access to my app, I’m confused on how setting my home address as a safe place will work when it’s easily found in the app. Couldn’t someone just sit outside my house in a car and transfer money ?

I’d use the QR code for home so they’d have to actually break in.

If they have managed to get into the phone to get to the app they would have phone unlock code I assume, which would mean they could add their own face.
Does anyone have a scenario where this would be helpful

If worried about that you have a few options. Could employ one or more of the following…

If on iPhone, setup iOS stolen device protection with familiar locations disabled (so a thief can’t change biometrics by being close to your home).

In Monzo use trusted contact and qr code as your two ā€œadded securityā€ controls instead of using known locations as one of the controls. Or qr code and a location which is not your home.

In Monzo, disable biometrics for payment authorisation and use card pin number instead.

1 Like

Finally got access to the new controls yesterday. Have added 2 trusted contacts but neither have received notifications of any sort on their phones or in their Monzo apps and my app for them just says ā€˜Requested’ for each one. I’m on iOS with 5.85 as is one of the contacts. The other is on a Google Pixel running Android 14.

Can these take a while to come through?

1 Like

Hey @Djcnrurhf :wave:

Invites should arrive instantly :slight_smile:

If the people you invite to be your trusted contact don’t have notifications enabled they won’t receive a push but they should still see the request in their app at the top of the home screen. If they have other messages on their home screen they might need to swipe through them to find the request.

If there’s nothing visible in their apps and you’d like to DM me your email address I can take a look into your account and check that everything is working correctly.

3 Likes

Thanks I’ll get them to check. I can imagine they don’t dismiss messages very often so probably that. Although one of them does get payment request notifications from me so I’d imagine their notifications are on.

1 Like

I like the idea of the qr code. But have a question- is it possible instead of qr code to use nfc tag - like to add nfc tag we already have to the app?
For example I have electronic lock on my door and using nfc tag to unlock it (shared house) so if i could use it in monzo- nobody else would know about it and in general would not be related in any way to banking or Monzo - so it really would be a secret key.

Thanks, both contacts have now found the invite and accepted. Strange that both missed the notification given they said they do see Monzo notifications on their phones.

Also, no red badge with a 1 on it on the Home Screen icon. Perhaps these sorts of things that require a response could force a 1 there until it’s been accepted/rejected?

1 Like

I’m glad to hear you were able to get them setup :raised_hands:

Thanks for your suggestion, it’s very timely. We’re currently looking at making a few small tweaks in this area. Watch this space :eyes:

1 Like

NFC tags, like physical security keys, are a factor we’ve spent some time thinking about. There’s always a chance support for them might appear in a future iteration :eyes:

7 Likes

Hey @andrew_fishy :wave:

We don’t have any current plans to support non-Monzo trusted contacts. When you choose a trusted contact to double check payments, we need to be confident that the right person is performing the check and this would be difficult to do well outside of Monzo (for example, via email or text message).

By having another Monzo customer as your trusted contact, we also have confidence that they passed our verification checks when they signed up, which adds another level of safety :safety_vest:

14 Likes

This would be a major upgrade towards what most banks I know (most Belgian) offer.

Nice to see efforts to stop fraud at this level: for every 5% extra that’s been prevented, that’s some big numbers in total.

We’ve been gradually enabling accounts over the past few weeks and we’re excited to announce that added security is now available to everyone! :raised_hands:

To set up added security, head to ā€œPrivacy & Securityā€ settings in your Monzo app. You can get there by tapping on your profile at the top left of the Overview screen, then tapping on ā€œSettingsā€. From there head to ā€œPrivacy & Securityā€ settings, tap on ā€œAdded Securityā€ and follow the prompts that will take you through the set-up flow.

If you can’t see the option, please make sure you’ve updated to the latest version of the Monzo app and it should appear.

16 Likes

I’ve used the new security functions to pay a large bill by bank transfer and the process was easy and very slick. I’ve enrolled my parents in this already as I can see it a great step in preventing them being scammed. Amazing work Monzo.

9 Likes

Is this available on 16-18 accounts? I received the notification on my 18+ account today but would like to set it up on my daughters account

I would like to put 2d code on NFC tag - I have a NFC implant in my hand, so that would be handy if app could read the code via NFC

It’s 53 years away.

2 Likes

Or maybe now. For the adventurous.