480,000 Monzo Customers Urged to Change Pin in Security Breach

Christopher Zenios17/08/20192min
Following the discovery of unauthorised staff having access to banking information for six months the digital bank Monzo has urged customers to update their pin.

The bank that is valued at £2bn reported that company policy is to store pin information in a “particularly secure” area of its internal system where it could be closely monitored and control with selected staff members able to access them.

Despite this Monzo discovered that pins were also duplicated onto log files and despite them being encrypted, they could be reached by roughly 110 unauthorised persons. The recent revelation revealed that the pins have been miss stored for six months with the issue now reported to the Information Commissioner’s Office as a precaution.

Monzo has later confirmed that this issue affects one in five of the banks 2.6 million customers. Despite this, the company has continued with an app upgrade and worked increased hours to delete information stored incorrectly.

The bank states that no one outside of the business has access and that there is no evidence of misuse of the data.

We’ve checked all the accounts that have been affected by this bug thoroughly and confirmed the information hasn’t been used to commit fraud,

Monzo said in a blog post. They also 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.”

Monzo has also taken the precaution to email potentially affected customers along with an apology.


Image Source by Financial Times

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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