Added Security - FAQs
What is it?
We’ve built a new authentication experience that customers can opt-in to in order to make actions such as making a transfer, or withdrawing money from a savings pot, even more secure.
Customers who opt-in will set daily allowances for bank transfers and savings withdrawals, which, when exceeded, will force an Added Security check for subsequent transfers or withdrawals. Any subsequent edits to their Added Security settings or factors will also require the user to pass an Added Security check.
Users can choose from a variety of new methods to pass this check, including being in a Known Location, scanning a Secret QR Code, or having their action double-checked by a Trusted Contact, such as a close friend or family member.
If you're on the website, tap here to access it or on the app, click on the button below.
You can also access it by updating to the latest version of the Monzo app and then head to “Privacy & Security” settings. You can get there by tapping on your profile at the top left of the Overview screen, then tapping on “Settings”. From there head to “Privacy & Security” settings, tap on “Added Security” and follow the prompts that will take you through the set-up flow
How do I adjust my limits?
You can make changes to these limits anytime by tapping here and selecting Added security.
You’ll see two different sections in here for Bank transfers and Instant Access Savings Pots, at the top right of these you’ll need to tap “Edit” and that will let you adjust/disable after the security challenges are passed.
Why did you select these 3 security controls?
We hear feedback from customers that they sometimes worry about carrying their entire financial lives on their phone so we wanted to build a feature that gave people increased peace of mind.
We also wanted to give everyone a choice over the level of friction when making transfers or withdrawals in the Monzo app.
From talking to our customers we know that some people want the option to leave their savings at home while others value the option of having a trusted friend or family member double check higher value payments.
What happens if one of the security features fails?
You need to set up at least two controls, ensuring a backup is always available for added peace of mind.
If you can’t use any of their security controls, you can choose to instead pass an identity check by recording a short selfie video, so that you’re always able to access your money.
How does Trusted Contacts work?
You can choose a trusted contact in your phone book who uses Monzo to tell you whether a transaction looks safe or is suspicious.
You will consent to them seeing limited information about the transfer or withdrawal and we’ll recommend that you call your trusted contact if you are unsure or think it looks suspicious.
What happens if a Trusted Contact says they think a payment is suspicious - does this block the payment?
We’ll let you know that your Trusted Contact doesn’t think the payment looks safe.
You will be able to choose at that point whether to continue with the payment using a different Added Security control, or whether to reconsider making it at all.
If someone wants to make a transfer and they aren’t at home/work (e.g. at a friend's house) how easy would it be to transfer money or turn the feature off?
You need to set up at least two controls, ensuring a backup is always available for added peace of mind.
If you can’t use any of their security controls, you can choose to instead pass an identity check by recording a short selfie video, so that you’re always able to access you money.
How does Secret QR Code work?
Secret QR Codes include a high security personal password that only works with an individual's account.
We ask you to print this out and store it securely, or keep it on a separate trusted device that you don’t carry around.
How is printing of a QR code secure? What if someone else finds the QR code?
Your secret QR Code only works when scanned in your Monzo app during an Added Security check.
It doesn’t include any personal information, or allow access to your account by itself - so if someone finds it, it’s useless to them without your phone and the ability to pass a biometrics and PIN check.
Why do you need a printed QR code?
Our Secret QR Codes are the digital equivalent of a safety deposit box key.
You don’t have to print it out - you can instead choose to store it on a separate device that you don’t carry around.
Can I use this to increase my existing limits for transferring money?
Unfortunately not! The limits for your controls are only there so that when you attempt to make a payment over the certain limit, it’ll prompt you to do an additional security check.
How do I reset my QR Code?
If you'd like to reset your QR code for any reason, you can do that by turning off Added Security and setting it back up again.
That will reset the QR code, meaning that the one you had before will be invalid.
Can I remove a trusted contact without finishing the setup?
At the moment, no. You'll need to complete the setup which will involve setting up two controls (QR Code, Trusted Contact, Trusted Location).
If you complete the setup, you can then remove controls, edit allowances etc, or even disable the feature entirely in Added Security home
However if you wish, you can leave things as they are (Added Security is not active as they didn’t finish setup). You won’t get these extra security checks, and the person you invited as a Trusted Contact can’t see anything about your account.
