Monese lets you easily lock and unlock your debit card via the application. This is a great security feature that can help prevent unauthorised spending if you lose your debit card or it is stolen. Monese also takes a more secure approach to your PIN. You do not need to write it down anywhere or wait to receive a written PIN in the mail. To keep your PIN safe, you instead view it right in the Monese application. To view it, just securely log into the application and enter your card's CVV number. From there, you can instantly see the PIN. This not only ensures no one will find a paper with your PIN written down or intercept it in the mail but also means that if you lose your PIN, you can easily find it in a secure yet simple-to-access location. Monese also makes the security of both personal information and money a priority. Monese uses breakthrough processes and technologies to protect accounts from unauthorised access. For added security, it is only possible to access Monese from a single mobile device.
This means that it is impossible for anyone to get control of your account while in another location. When you want to access your account through a new device, you will first need to manually authorise it via a multi-factor authentication process for enhanced security.
If your phone gets stolen, the thief will not be able to enter your Monese application since you must enter a secure 5-digit passcode that only you know to access the app. Additionally, Monese has around-the-clock monitoring via advanced banking infrastructure. This monitoring takes place 24 hours a day and seven days a week. There is also protection of the funds in your Monese account due to the bank's authorisation by the FCA and its registration.
While banks typically reinvest customer funds, Monese does not do this. Additionally, Monese keeps all client funds separate to ensure that all customers would be able to receive their full balance in the unlikely event that Monese can no longer be in business.