Card stolen
- Instant notifications, the ability to freeze your card and pots make Monzo more secure than most other banks in this case.
Unlocked phone stolen
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If a phone thief steals your phone and finds out or hacks your phone password, then yes they’d be able to access and view your Monzo account.
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However, to send any money the thief would need to know your PIN (or have your fingerprint if you have fingerprint security turned on in your Monzo app). I think the only thing they’d be able to do with access to your Monzo app is move money in and out of your pots unless they have your PIN too.
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In this case, your money is no less secure with Monzo than with other banks - all the thief can do is admire your spending, until you wipe the phone.
Unlocked phone and card stolen
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If the thief has your unlocked phone and card, I guess they could move money out of pots and then use your card just like they’d use any stolen non-Monzo bank card with a separate code for the banking app (ie: contactless payments below £30).
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In this case, your money has the same security as with a non-Monzo bank, but only if the thief knows about Monzo pots (so they can move all your money into your main account to spend).
Unlocked phone and PIN stolen
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If the thief have your unlocked phone and knows your PIN, then they could send money using the Monzo app. They could also use your Apple/Google Pay to go on a spending spree, but this is also true for all other banking apps.
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In this case, Monzo would be less secure than a banking app with a separate passcode (since the thief could send money using the Monzo app). However, the use of Apple/Google Pay would be the same for banks with a separate banking app passcode.
Unlocked phone, card and PIN stolen
- Monzo is just as secure as banks with separate banking app passcodes.
Additional notes
- For all the above I’ve assumed that the thief can somehow bypass your fingerprint and the Monzo user, knowing this, has not enabled any fingerprint security:
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If the thief can hack past any password or fingerprint sensor, then the additional passcode for the banking app makes no difference.
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If the thief can only hack past a phone’s lock screen, then locking the Monzo app with your fingerprint provides the same level of security as a additional passcode.