There is a significant security problem (I know there are those who will say that the App is secure enough, but hear me out).
If your phone falls into the wrong hands and is compromised, then there may well be nothing to stop them accessing your Monzo account. They may not be easily able to move money, but they can get a lot of information about your bank balance account details and transactions, other accounts that you may have etc. That is a significant issue.
How does this happen. You leave your phone somewhere, by mistake. It was switched on. Someone picks it up and sees that they have access to the phone.Then there may be no protection to stop them using the Monzo App. You may have set up fingerprint protection, but have you remembered to set it up again EVERY time you log out and in again? Because whenever you log out it unsets all your security settings.
I raised this originally a year ago.
It seems that Monzo management actually want it to be this way. Nobody has really explained to me why it is a good idea, but apparently it has something to do with making it easier for people to recover from some form of phone hardware failure. Guys, there are better ways of doing that!
This is why I can’t use Monzo as my main account and why as I look at other challenger banks, who don’t have all the good things that Monzo has, I’m still tempted.
PS. I’m also a shareholder.