As the world continues the fight against the coronavirus (COVID-19) outbreak, UK challenger bank Monzo is reassuring its customers that its services are continuing to be safe and secure. According to Monzo, more than 4 million people are already using Monzo to manage their money. The bank reassured:
“Coronavirus and the illness it causes, Covid-19, could affect you in many different ways. We want to reassure you that we are well-equipped to keep Monzo running and support you, even if we can’t make it to the office. We’re also here to help if coronavirus is affecting your money. And eligible money in your Monzo account is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).”
Monzo further reported that since it is a regulated bank in the UK, the money put into the Monzo accounts is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS). Monzo is continuing to provide customer service and will protect customers from fraud. It also does not keep or ask for passwords:
“It might sound counterintuitive, but passwords don’t always make things more secure.They can be hard for you to remember, and easy for fraudsters to guess. Most people don’t follow good password practices, and either reuse passwords, or pick obvious ones (like their birthday). Passwords can also make you more vulnerable to phishing, a type of fraud where someone tricks you into telling them your password. Plus, you can sometimes reset passwords through your email, which fraudsters can use to work around any protection provided by a password.”
Monzo then added that whenever customers use their Monzo account to make payments or order a new hot coral debit card, it will ask the customer to enter their PIN or use their fingerprint or face. That means the money is protected by an extra layer of security.