Monzo: We Weren’t Storing Some Customers’ PINs Correctly Which Caused An Issue With Online Banking Services

Just days after addressing previous issues in its banking services, digital challenger bank Monzo announced it may have figured out what was causing the most recent issues, which was that it wasn’t storing some customers’ PINs correctly. The banking startup revealed in a recent blog post that on Friday (August 2nd), it discovered that it also been recording some people’s PINs in a different part of our internal systems.

“We’ve deleted the information that we stored in this way. As soon as we discovered the bug, we immediately made changes to make sure the information wasn’t accessible to anyone in Monzo. By 5:25am on Saturday morning, we had released updates to the Monzo apps. Over the weekend, we then worked to delete the information that we’d stored incorrectly, which we finished on Monday morning.”

Monzo then noted that no one outside its banking platfom had access to these PINs. Its team has checked all the accounts that have been affected by this bug thoroughly and confirmed the information hasn’t been used to commit fraud. Monzo added:

“Just in case, we’ve messaged everyone that’s been affected to let them know they should change their PIN by going to a cash machine. The issue affected less than a fifth of UK Monzo customers. If we’ve contacted you to tell you that you’ve been affected, you should head to a cash machine to change your PIN to a new number as a precaution.  You can do this by putting your Monzo card into the cash machine, entering your old PIN and choosing ‘PIN services’. Then choose ‘Select a new PIN’ and change it to a new number.  If you think you see anything unusual on your account, please get in touch with us straight away through in-app chat or by ringing the phone number on your debit card.”

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