Monzo introduces additional security controls

As detailed by Monzo, the features are set to be introduced in the upcoming period, with the new ’known locations’ tool providing users with the option to choose a location that they are required to be in when conducting transfers or withdrawing savings over a particular limit. The digital bank leverages tracker technology to identify if the user’s phone is in the chosen location and, if not, it blocks any attempted transactions. In addition, Monzo’s customers are set to be able to invite a trusted friend or family member, who also has an account with the bank, to be notified before they send or withdraw funds over a specific limit. This enables the individual to review whether the payment is safe or looks suspicious.

Moreover, Monzo confirmed that the digital bank is currently working towards outpacing the tactics and methods fraudsters utilise by introducing new in-app tools. Representatives underlined that whether customers choose their safety radius with 'known locations' or have a trusted contact to check payments before conducting them, the additional capabilities intend to provide users with increased control over the security of their finances.

In addition to the aforementioned features, the bank also launched a capability which allows customers to choose to authenticate a payment by receiving a QR code sent to a different device. Afterwards, they need to scan the code via their Monzo app for the transaction to be completed.