Monzo introduces trio of new fraud controls

This post was originally published on Finextra (Security)

Monzo has introduced a trio of security controls to help customers diminish the prospect of fraudulent payments out of their accounts from phone theft, shoulder surfing or impersonation scams.

The controls, which are called Known Locations, Trusted Contacts and Secret QR codes, are opt-in for customers and will be rolled out over the coming weeks. Customers need to have at least two of these controls set up and can choose the limits at which each control is activated when making bank transfers or instant access savings withdrawals from pots.

For Known Locations, customers choose places like home or work that they need to be in when making bank transfers or savings withdrawals over their chosen limit. If they are outside of their chosen known location, the transfer will not complete.

Customers can also invite a trusted friend or family member who uses Monzo to help check whether a transaction over their chosen limit looks safe or is suspicious before they make the transfer or savings withdrawal.

Secret QR codes can be stored on a different device and must be used in parallel with the user’s phone to approve a payment or savings withdrawal over their chosen limit.

Priyesh Patel, senior staff

Read the rest of this post, which was originally published on Finextra (Security).

Previous Post

Hamster Kombat creators: marketing geniuses or modern satirists?

Next Post

EBA Clearing publishes specs to provide PSPs with Verification of Payee at a pan-European level