I signed up for Monzo due to what I have seen on colleagues IOS App. Now I question whether that was wise even during a Beta period.
I don’t understand how any developer for a mobile OS can develop a financial application without ANY security features.
Implementing a simple Pin or Password, Fingerprint Sign on or even JUST the requirement of re-entering the CVV number when depositing - cannot be rocket science.
If it is for your developers, then an app like that should not be released.
You require users to sign up with a debit card, some of which itself don’t have any advanced fraud protection, deposit £100 yet any further deposit can be done without any further security.
If I would accidentally leave my wallet and unlocked phone laying around, someone can instantly load up the card with whatever I got available on my current account and go shopping before I even realise what happened and potentially lose it all as Debit cards don’t have the same fraud protection as credit cards.
Now why ironic ? Because you require a 10-Character password for a community account, where the worst that could happen is someone ‘stealing’ my email address and potential real name.
I am really surprised this got signed off, given the potential fraud nowadays. Yehudi via the App suggested to implemt Pin protection of my phone to avoid potential fraud - but this can’t be the answer to it - given that any other financial app I am using implements at least basic security (like re-entering CVV)