To make a Monzo bank account, you need to provide a passport/driving licence. What guarantees do I have that a cyber attack won’t “steal” my personal data?
I can understand your hesitation with this! All of our data is stored in accordance with the data protection act and we don’t pass this on to third parties.
@Alfr3d, I think it would be the same guarantee a legacy bank or financial institution provides, which also require these documents to open an account.
You could at a stretch make a case for greater security here than say a legacy financial institution, by where an employee would make a photocopy of your identity documents when carrying out KYC checks. One less link in the chain for things to go awry?
Thanks for the replies guys. Seems like it’s just a risk we have to accept (like we do for mainstream banks for are holding our data)
Hey @Alfr3d you might find information on this Monzo Privacy page useful and it will answer some of your concerns.
By the way Monzo is a Bank just like other High Street banks. It’s regulated and has all the checks in place just like other banks.
With banks, insurance companies (life assurance), investment firms, letting agencies, recruitment agencies, employers, etc, all having your passport or ID on file it is not only banks it could be leaked from!