Is Monzo safe? How we help protect your money
When choosing where to keep your money, safety is a top priority – you want to know your cash is secure and there when you need it. In this article, we’ll answer some common questions about Monzo, like how we protect your money, our regulatory status, and the security features we use to help keep your account safe.
Is Monzo a bank?
Yes! Monzo is a fully regulated UK bank. This means we’re authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. They’re the organisations that regulate all the high street banks you’re familiar with.
Is Monzo FSCS protected?
The money in your Monzo account is protected by the Financial Services Compensation Scheme (FSCS). This is an independent body that protects your money if your bank, building society, or credit union were to fail. Because we’re a member of the FSCS, your eligible deposits are protected up to a value of £85,000 per person.
What Monzo security features can help keep my money safe?
The Monzo app is packed with security features which are designed to help keep your money safe from fraudsters and unauthorised access. Here’s a quick look:
Our trio of industry-first security controls: switch on an optional layer of protection, like a known location, secret QR code or trusted contact to prove it’s really you when making large payments.
Call Status: you can see if you’re speaking to us on the phone in real-time in the Monzo app. It’s an industry-first feature we designed to stop fraudsters in their tracks. If the app says it's not us on the phone, hang up straight away and report it to us.
Instant notifications: turn on instant notifications to get an alert every time you (or someone else) uses your card. If you see something that doesn’t look right, you can then freeze your card in a few taps.
Biometric login: you can switch on biometrics every time you access the Monzo app on your phone. This means you’ll need a fingerprint or face ID to log into your account, which makes it harder for other people to gain access.
Undo payments: you can now undo payments if you made a mistake, like if you think you sent money to a scammer. The undo timer’s set to 15 seconds by default but you can set it to 10, 15, 30 or 60 seconds.
Are online banks safe?
These days, a lot of banks don’t have physical branches, but that doesn’t mean they are less safe. Regulated online banks in the UK have to follow the same strict safety and security rules as banks with high street branches. Always check to see whether the bank you’re using is authorised by the PRA and FCA, and whether it’s FSCS protected.
What about buyer protection?
When you spend on your Monzo card, not only do you benefit from our own security features, but you’re also protected by the Mastercard chargeback scheme.
A chargeback is a safety net that helps you get your money back from a retailer’s bank if there’s a problem with a purchase. A chargeback might be possible if:
The item or services you paid for didn’t arrive or weren’t what you expected
A company you bought from has gone out of business
You were charged the wrong amount or charged twice by mistake
While a chargeback isn’t always guaranteed, it’s a tool that offers extra security when you’re shopping.
UK residents only. Ts&Cs apply.