Is Monzo safe?

(Beatrice Borbon) #1

You asked, we answered! “Is Monzo safe” is one of the most common searches about Monzo. Here’s how we protect you and your money :point_down:

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(keithy) #2

Small typo:

“we took explained what happened and took steps to reduce the risk to our customers.”

Hth

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#3

Why you print your phone number on cards, on FAQs if there are no chances to reach you by phone?
Your phone lines should be available 24/7 not chat…

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(Amias Channer) #4

i would still like to be able to lock my monzo app so that it required a fingerprint or pin to open , not every time but to have an option i could set for this. It would also help if i could set this automatically when i leave the house or when i get to specific locations.

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(Yamesh) #5

You already can enable fingerprint authentication

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(Rika) #6

Our phone lines are available 24/7 (and we’ve been making big improvements to it so that you’re placed in a queue, rather than having to keep calling back), though it’s better to contact us by chat in almost all non-emergency cases.

It’s a requirement from Mastercard that we print our phone number on all of our cards. :slightly_smiling_face:

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#7

Really? You just hung up after automated message “we can’t answer…” This is not acceptable for bank!
I tried to call few weeks ago and yesterday as well.
Very disappointed with this… few months ago my friend lost his phone and his card was inside… so he were unable to contact you…

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(Robin Bilgil) #8

You can make the app require your fingerprint/face to launch (on iOS at least).

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(Adam Williams) #9

Works fine on Android, too.

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(Adam Williams) #10

Did your friend consider using Monzo Web on another device to freeze the card and then sending an email? It’s of course not ideal the phone support is unavailable, but … there are alternatives.

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#11

Yes. He blocked his card online… and he switched away from Monzo back to Barclays because they offer full internet banking and phone lines are open 24/7

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(Adam Williams) #12

Good for him :slight_smile: Chat support and app-first banking doesn’t suit everyone yet, and some of the legacy banks are much better at a more traditional bank offering with phone as a primary support mechanism, branches and a web app.

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((╯°□°)╯︵ ┻━┻) #14

Some people don’t like change or cannot understand new things. Perhaps he will come round to it eventually, especially since traditional banks are now looking at adopting this kind of model.

I suppose there will always be a bank that offers the “good old days” banking features and tries to hold on to it for as long as possible.

Each to their own and kudos for him giving it a try in the first place :slight_smile:

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#15

I was Barclays customer for 10 years… Monzo is a :100: times better…

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#16

haha I wonder if any legacy banks are thinking of releasing an advert to appeal to “the good old days?”

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#17

I think you have to be on Android 6.0 or greater, whenever Android introduced a unified fingerprint API, on older devices it is not an option. I’m currently on 5, so it does not work for me. Not that I mind, a single fingerprint to get into my phone is fine for me.

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#18

These points are all great. From observation it can be seen that Monzo takes security very seriously on it’s backend systems too! :smile:
However, what I’m more interested in, is how Monzo protects customer data in terms of information security (Due to Monzo being a Fintech). With the specific scope on policy, people (Employees), risk management and incident response.

For example, some questions I have are:

  1. Does Monzo have an information security policy in place?
    Containing information about the key responsibilities of stakeholders in terms of info-sec, data protection policy, asset and vulnerability management, information classification policy and more.

  2. Does Monzo have policy in place on how employees should handle customer data? (To ensure confidentiality and integrity.)
    With standard operating procedure for incidents where data is misused or misplaced?

  3. Do Monzo employees undergo training on the importance of information security and how it plays a vital role in creating value to an enterprise?

  4. Does Monzo have team(s) which carry out tasks such as Risk, Asset & Vulnerability management to help ensure Monzo’s systems are compliant with information security best practice standards? (ISO 27001 etc).

  5. With data breaches now becoming a common occurrence and Monzo’s significant technological infrastructure, does Monzo have incident response and business continuity plans (ISO 22301) in place to mitigate the impacts of such a breach occurring?

I have many more questions but these will do for now :slight_smile: :stuck_out_tongue:

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(Gordon Dack) #19

Essentially under the new GDPR rules Monzo will be compliant, like any sensible business they will have policies in place regarding staff access data.

Unless Monzo reply directly regarding what policies they have in place members of the public won’t get to see these, but as a Business there are rules and regulations they need to abide by.

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(Sarcasm is the finest form of wit.) #20

Given that Monzo are regulated by the Financial Conduct Authority and the PRA, they have to have all of the above controls in place, and attested. GDPR bulks that up further.

(I work for a bank, you can’t shortcut this stuff).

More info: https://www.fca.org.uk/firms/financial-crime/data-security

And of course, data breaches are fine-able offences, something every financial institution/company wants to avoid.

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#21

Indeed. I understand that a lot of these questions relate to policies which are confidential.

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