I’m not sure it’s reasonable to compare either of those companies to a bank unfortunately for their users, there’s a very different level of data protection & compliance expected of Monzo by the FCA.
Why not? You think the major hackers are not targeting banks more than anyone else? That somehow banks employ better coders than anyone else?
The US senate are currently investigating equifax - I’d place that on a par with the FCA.
Multiple large payments from different banks - I would be surprised if it didn’t raise a few red flags, and I’m glad Monzo follow up on these kinds of things. They don’t want to become liable for fraud.
I remember getting the third degree when I paid the deposit for my house from my legacy bank, for similar reasons. It’s not personal, it’s what they have to do.
I would agree if they were large payments.
I may not agree with you on everything but you made some very valid points here. I have been thinking about the same hack and another one which happened a few months ago at UniCredit
We are handing over more and more personal data to our banks. I believe Monzo will be very reliant on personal data to built a user profile for offer better services in my opinion but that means there will always be a risk to our privacy which we should all worry about and it’s always good to question how the data is being protated and used.
User data is very valuable and I can see Monzo are clearly going to use this, for example, to offer energy providers, which is fine because Monzo appear to be much more transparent than most but we should accept not everyone would want to sacrifice privacy for comfort.
Here is FT link to calculate your personal data worth
This is very important and why penetration testing and security should be taken with the utmost of sincerity.
I’d wager that most large database hacks are down to shoddy security testing which would have picked up simple human errors. Eg. MongoDB by default has a port open which can be exploited to gain admin access
Why??? If I ran the company the person that made that decision would no longer work there…
It’s caused loads of database hacks. It may now have been changed to off by default but it certainly used to be a big problem.
$1.27 - I only need to sell it a million times!
I also got a low score of $2.0079 and found it rather odd that it asks home owners if they have a fireplace!
I have 4 - would that increase my value do you think?
Any number with a couple of zeros (before the decimal point) is a fortune to me. Is it naive to think Monzo are still learning how to meet their customer needs so they ask a little more?
$0.3752 lol. Nobody’s making much out of me…
I see this sort of argument thrown around a lot. I usually hold your opinion in high regard, and think that you usually manage to be big fan of Monzo and still see things objectively, but please allow me to express my strong disagreement with you on this one.
Firstly, anyone who says “trust me, I know what I’m doing. Don’t ask me any more questions” immediately looses my trust. (I know you are not Monzo, and that this is not what happened here.) I do not trust anyone with my data, just because they or someone else say I can. I scrutinize them, and then make my decision. To just say “you can trust them, simply by virtue of being a bank” is (pardon my french) rubbish. Every organisation makes mistakes. Every individual, working for any organisation can make mistakes. Do not trust someone just because they are [insert trust-inducing word here]. Everyone who wants your trust needs to earn it.
As for banks specifically: Anyone in the security business knows that “bank grade security” is usually an example of how not to do things. I’m just gonna give you three examples of this:
(That last one would be so funny, if it wasn’t such a tragedy.)
I would definitely trust the likes of Google more than my bank to protect my data from hackers. (That’s not to say that I’m not 100% aware that Google will voluntarily share a lot more data than my bank will, and probably knows a lot more about me than my bank does, but that’s another story.)
Now, maybe you say “legacy banks - Monzo is better”. My reply is “Maybe, but Monzo needs to prove this”. And quite frankly, between the fact that receipt images are available for anyone on the web without expiry date, even after deleting them (and that’s considered “good enough”), that Monzo allowed me to change my address while only asking for publicly available info to verify that I was I, and that Monzo refuses to provide a locking mechanism for their app because “reasons”, that doesn’t instill confidence in me that security is taken seriously.
Now, about the actual question: I also find this very weird. I was never asked by any other bank for source of funds. And that’s despite moving sums significantly larger than 3k between my and my wife’s current and savings accounts back and forth and in circles, to an extent that I always expected that the money laundering or fraud alarms would go off eventually.
Other bank accounts in your Monzo App?
The Govt is not interested in investing in this when it can impose silly laws that require financial institutions to do it for them.
They are also imposing from the start of next year the requirement for UK banks to check immigration/visa status of account holders
Has something similar not been a requirement of employers for a few years now?
Do that and you can get rid of some of the Border Force.
and for recruitment agencies too
Another pointless waste of money that we will all pay for, pandering to a racist minority pining for the days of empire.
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