Monzo launches new security features

overspender22

It’s been discussed a lot on here: the issue of phone theft and people being held and forced to transfer money to criminals. 

Monzo are launching tools to help stop this, they look pretty good 👍🏻 
https://www.standard.co.uk/business/business-news/monzo-launches-tools-to-tackle-phone-thieves-raiding-savings-b1167784.html

Shakin_Steve

That looks good, provided it works as mooted. I guess it's up to the individual to set the amount necessary to trigger these safeguards. I'm hopeful that this rolls out smoothly because, if it causes problems, people will just opt out. 

It means, of course, that you will have to give them even more information about yourself including, in the case of the QR code, access to a secondary device.
I don't use Monzo as my primary bank account, but have an amount in the savings account that I wouldn't like to lose.

Rob5342

They sound great in theory but i wonder how well they will work. They'll need some way of turning it them off if they dont work that ia robust enough to prevent a thief turning them off.

Monzo are great, adding features like this when people like Nationwide that have been around for ages have apps that are like something from the stone age. 

Shakin_Steve

Rob5342 said:

They sound great in theory but i wonder how well they will work. They'll need some way of turning it them off if they dont work that ia robust enough to prevent a thief turning them off.

Monzo are great, adding features like this when people like Nationwide that have been around for ages have apps that are like something from the stone age. 

I'm guessing the idea is that the payment will be delayed long enough for you to get in touch and tell them that your phone has been stolen. Perhaps some kind of delay in implementation if you switch it off?

Nasqueron

Rob5342 said:

They sound great in theory but i wonder how well they will work. They'll need some way of turning it them off if they dont work that ia robust enough to prevent a thief turning them off.

Monzo are great, adding features like this when people like Nationwide that have been around for ages have apps that are like something from the stone age. 

Simplest way these days (particularly with tracking like Find my Phone) is to lock the phone and throw it and run. Very few casual thieves will ever want to progress to actually stabbing people once the phone is locked and gone as they then have the risk of a serious jail time for no benefit.